NIIT Technologies surges 6% as board to mull share buyback plan

The board of directors of NIIT Technologies is scheduled to meet on December 23, 2019, to consider and approve proposal for buy-back of the equity shares of the company.

Shares of NIIT Technologies advanced 6 per cent to Rs 1,563 on the BSE on Tuesday after the company announced that its board will meet on December 23 to consider share buyback proposal. The stock of the IT consulting & services firm was trading close to its 52-week high level of Rs 1,638 touched on November 21, 2019.

In the past one-and-half years, big technology companies such as Infosys, Tata Consultancy Services (TCS), Wipro and HCL Technologies have preferred the buyback route to meet two purposes -- rewarding shareholders, and utilising free cash available.

NIIT Technologies is a debt-free (no long term