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NIIT is on a roll for the 4th straight day!

Shailendra BhatnagarJul 15, 2015, 15:52 IST

Shares of NIIT Technologies rose for the fourth day after the midsized software developer post earnings that beat street's expectations, resulting in an price upgrade by at least one brokerage.

NIIT Tech added 2.1%, or 9.55 rupees, to 473 rupees on the National Stock Exchange (NSE), where 395,000 shares changed hands compared with a 10-day average of 245,600 shares.

NIIT Tech reported its first quarter sales rose to $101 million, up 3.2% on quarter and its EBIT margin fell a less-than-expected 40 bps following a strong traction of overseas work from US clients. This prompted Religare Securities to raise its price target on the stock to 500 rupees from 370 earlier.

Religare believes that NIIT Tech will see good times ahead mainly on account of currency tailwinds and margin expansion.

Image credit: Indiatimes.com