Block deals in NIIT lifted the scrip 13.5 per cent higher to the day's high of Rs 161.35 today. The scrip also witnesses phenomenal volumes, with more than 23 lakh shares changing hands in just one hour of trading on the Bombay Stock Exchange (BSE).
More than 81 lakh shares of NIIT Ltd were traded on the BSE, while 1.78 crore shares of the company changed hands on the National Stock Exchange.
The surge in volumes was attributed to block deals, which followed low and attractive valuation of the scrip. The stock finally closed 6 per cent higher at Rs 150.80, after registering an intraday low of Rs 143.50.
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The scrip gained more than 5 per cent on Tuesday, amid a general rally in IT and software stocks, following a recovery in the tech-laden Nasdaq.
Stocks of NIIT were trading at Rs 260.75 on July 8 this year. However, the subsequent fall in the market and profit booking pulled the scrip nearly 49 per cent lower to Rs 133.20 on July 30, 2002. Since then, the scrip has staged a recovery to climb up to present levels.
Analysts tracking the stock said the company has substantial cash reserves, and has been steadily increasing its share in the education business.