NIIT stocks hit a fresh high. Know why

Shares of mid cap IT services provider NIIT Technologies hit a fresh high after quarterly profit and sales surged as offshore clients sent more work to India.

NIIT Tech surged 11.3 percent or 47.2 rupees to 464.50 rupees on the National Stock Exchange where 19.4 lakh shares changed hands compared with a 5-day average of 34,100 shares. Some 87 crore rupees worth of shares were traded.

NIIT Tech said its first quarter PAT rose to 72.2 crore rupees versus 44.8 crore rupees in the same quarter a year ago. Its sales in the April-June quarter jumped to 393 crore rupees compared with 344 crore rupees in the year ago period.

NIIT Tech has gained 20 percent over the last two weeks and has a market capitalisation of 2,830 crore rupees.

(Image credit: Indiatimes)