NIIT Ltd up 3.5% as Massachusetts Institute Of Technology ups stake

NIIT gained ground at the bourses on Thursday, after Massachusetts Institute Of Technology (MIIT) acquired further stake in the company on Wednesday via large deals. The stock traded 3.2 per cent higher at 10:50am on the BSE at Rs 99.65 levels.

As per the information made available, MIT acquired 30 lakh shares, or 2.12 per cent stake in the company, at Rs 96.75 per share, as per data available on the exchanges. MIT already had 1.87% stake in the company, the June quarter shareholding pattern data show.

For the quarter ended June 2020, NIIT Ltd reported a consolidated net profit of at Rs 29 crore as compared to a loss of Rs 1.5 crore in the year-ago period on a like-to-like basis (excluding the impact of a one-time capital gain on divestment in the first quarter of FY2019-20). NIIT Ltd had divested its shareholding in NIIT Technologies last year. The revenue remained flat at Rs 201.8 crore in the April-June 2020 quarter from the year-ago period. READ MORE HERE

On Thursday, the stock intra-day high of Rs 101.55 on the BSE. The stock trades at the highest level in five months, reports indicate.