NIIT share price continued its winning streak for the second consecutive session on Tuesday. Market sources said that Srikanth Velamakanni, co-founder, group chief executive, and vice-chairman of Fractal Analytics, has been added to NIIT’s core management team. In the last two sessions, NIIT share price has surged about 34%. NIIT share price opened at ₹104.44 apiece on BSE on Tuesday’s session. NIIT stock price touched an intraday high of ₹118.49 and low of ₹104.
Fractal Analytics is an American multinational artificial intelligence (AI) company that assists global Fortune 100 organisations in powering every human choice within the organisation by integrating analytics and AI into the decision.
Over the last 10 years the stock has given a multibagger return of 1720%, scaling up from ₹6.25 to the current market price of ₹113.75 apiece.
According to technical analysts, NIIT stock prices have sudden surge backed with volumes in last 2 days, as it was up 20% and now 16% , technically, there’s no major trigger for this move.
For the first quarter ended on June, NIIT posted a net profit of ₹2.2 crore. According to a regulatory filing, the company reported a loss of ₹4.5 crore during the same time last year.
“Despite the challenging environment, we have arrested the decline in Q1. We expect to see strong growth in Q2 and the rest of the year, driven by the significant mandates received for training, especially in BFSI and advanced technology programmes,” said Vijay K Thadani, NIIT’s co-founder.
The company’s robust balance sheet enables it to invest in both organic and inorganic initiatives to take advantage of the opportunities, Thadani added.
The company also stated that NIIT had purchased the final 10% of RPS Consulting’s shares during the quarter.
As a result, RPS Consulting is now a fully-owned subsidiary of NIIT.
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Updated: 12 Sep 2023, 01:48 PM IST