NIIT maintains momentum for third day, locked in 20% upper circuit

The shares have been on a strong upswing after the company on September 10 announced that it has allotted 1,01,666 equity shares to its employees under ESOP

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Shares of talent development company NIIT Ltd were locked in their 20 percent upper circuit limit on September 13, extending their winning run for the third straight session.

At 1.45 pm, the NIIT stock was quoting at Rs 140.58, up 20 percent. The stock had rallied nearly 19 percent in the previous session and 20 percent on September 11.

The shares have been on a strong upswing after the company on September 10 announced that it has allotted 1,01,666 equity shares of Rs 2 each in accordance with its Employee Stock Ownership Plan (ESOP).

“We are in the process of completing the other formalities with respect to the listing of the said shares,” it had said.

A total of 10.56 million shares of the company were traded on the NSE on September 11, followed by 20.54 million the next day and 18.17 million on September 13 so far. This compares with its previous 10-day average of around 333,000.

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NIIT Ltd on September 12 highlighted its strategic shift towards exploring new sectors to address evolving skill needs in the job market.

In an interview with CNBC-TV18, Rajendra Singh Pawar, the chairman and co-founder of NIIT Group, said, “We don’t see a very big uptake in new jobs in the near term. But we see the need for change in skills. We are looking for the horizon for new sectors that are emerging in this country right now.”

“I think India is poised for growth on a number of dimensions. So we are looking at newer sectors where we will be making offerings, and that’s the work in progress at this point in time. I think the most interesting part is the role of AI,” he added.

Shares of the company are down 55 percent this year till date.

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