NIIT share price jumps 29% in two sessions after Ramesh Damani, promoters buy stake

NIIT share price was locked at 20% upper circuit limit on Monday after veteran investor Ramesh Damani made an investment in the company’s shares. NIIT shares were frozen at ₹153.84 apiece on NSE with only buyers and no sellers in the stock. NIIT stock has jumped over 29% in two trading sessions.

Ramesh Damani purchased 8 lakh NIIT shares, or 0.59% stake in the company, at an average price of ₹127.55 per share on August 23, according to bulk deal data on NSE. The total investment made by Damani amounted to ₹10.20 crore via open market.

Moreover, NIIT promoters also acquired a significant stake in the company on August 22. The bulk deal data showed promoters Pawar Family Trust and Thandani Family Trust purchased 17,69,026 shares each at an average price of ₹118 apiece on Thursday.

Both the promoters acquired a combined 35.38 lakh NIIT shares, representing 2.62% of the total equity of NIIT, via open market.

After the acquisition, the promoters’ shareholding in the company has risen to 37.28% now from 34.66% at the end of June 2024 quarter.

NIIT Q1 Results

NIIT reported a strong performance in the first quarter of FY25 as its consolidated net profit registered a three-fold jump to ₹7.75 crore from ₹2.18 crore in the year-ago period.

The company’s revenue from operations in Q1FY25 increased 31.8% to ₹82.47 crore from ₹62.54 crore, year-on-year (YoY).

“The growth was driven by expansion in number of customers across private banks, GCCs, Tier II GSIs and large Indian Enterprises. All round growth in the business led by 94% YoY growth in BFSI and Other programs and Technology programs up 13% YoY. BFSI & Other programs contributed 34% of revenue in the quarter,” NIIT said.

NIIT share price has jumped over 34% in the past one month. In the last three months, NIIT shares have rallied over 25%. The company's market capitalisation has increased to ₹2,081.86 crore.

At 11:00 am, NIIT shares were locked at 20% upper circuit of ₹153.84 apiece on NSE.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.