 "NIIT zooms 29% in 2 days after Ramesh Damani, Promoters buy stake")
NIIT share price today rallied 20 per cent to Rs 153.84 on the National Stock Exchange (NSE) amid heavy volumes. The rally came after investor Ramesh Damani bought 0.59 per cent stake in the company for Rs 10.02 crore via open market. In the past two trading days, the share price of the education company has zoomed 29 per cent from a level of Rs 119.08 seen on Thursday, August 22.
At 09:27 AM, NIIT share price was locked in the 20-per cent upper circuit at Rs 153.84 with only buyers seen on the counter. Around 10.88 million equity shares had changed hands on the counter and there were pending buy orders for 2.33 million shares on the NSE and BSE till the time of writing of this report.
The stock had hit a 52-week high of Rs 154.80 on September 14, 2023. In comparison, the Nifty 50 was up 0.39 per cent at 24,919.50.
On Friday, August 23, Ramesh Shrichand Damani bought 800,000 equity shares, representing 0.59 per cent stake in the total equity of NIIT at a price of Rs 127.55 on the NSE via bulk deal, exchange data shows. The names of the sellers, however, were not disclosed by the company.
Meanwhile, on August 22, the promoters, Thandani Family Trust (through its Trustee Vijay Kumar Thadhani) and Pawar Family Trust (through its Trustee Rajendra Singh Pawar), acquired a combined 3.54 million equity shares, representing 2.62 per cent of total equity of NIIT, via open market, data shows. The promoters bought shares at a price of Rs 118 per share.
Post acquisition, the promoters holding in NIIT has increased to 37.267 per cent from 34.652 per cent, according to the disclosure made by the company.
Hornbill Orchid India Fund sold its entire 2.62 per cent or 3.54 million shares in NIIT via block deals.
NIIT is a leading skills and talent development corporation, set up in 1981, to help the nascent information technology (IT) industry overcome its human resource challenges. To meet the manpower challenges in the BFSI sector, NIIT established Institute for Finance, Banking, and Insurance (IFBI) in 2006. The company today ranks amongst the world's leading training organisations owing to its vast and comprehensive array of talent development programs.
The Union Budget of the country also pointed to opportunities for deep skilling the Indian youth to get them into better jobs and government offering incentives. Therefore, keeping these things in mind, the management said NIIT is increasing investments in market access.