NIIT Technologies slumped 5.56% to Rs 281.30 at 14:12 IST on BSE after two individual promoters offloaded about 7.4% stake in the software firm through multiple bulk deals on the BSE today, 2 August 2012.
Meanwhile, the BSE Sensex was down 60.46 points or 0.35% to 17,196.95
On BSE, 56.07 lakh shares were traded in the counter as against average daily volume of 33,000 shares in the past one quarter.
The stock hit a high of Rs 300 and a low of Rs 267 so far during the day. The stock had hit a 52-week high of Rs 317 on 31 May 2012. The stock had hit a 52-week low of Rs 166 on 21 December 2011.
The stock had outperformed the market over the past one month until 1 August 2012, rising 4.33% compared with the Sensex's 0.99% fall. The scrip had also outperformed the market in past one quarter, rising 14.6% as against 0.35% decline in the Sensex.
The small-cap firm has an equity capital of Rs 59.99 crore. Face value per share is Rs 10.
NIIT Technologies in a press release issued today, 2 August 2012 said Mr. Rajendra S Pawar and Mr. Vijay K Thadani, two individual promoters of NIIT Technologies sold around 44.36 lakh shares or 7.4% stake in the software firm. Post the sale, the promoter group owned over 31% stake in NIIT Technologies, the company said.
According to Mr. Rajendra Pawar, the proceeds of this sale will be used to fund the expansion plans of NIIT University (NU). NIIT University, a not-for-profit University, has been envisioned as a world class, global educational institution in the area of Computer Science, Bio-Technology, Management and Education Technology.
NU recently commenced its new academic year with B-Tech programmes in Computer Science, Bio-Technology and Electronics & Communication Engineering, M-Tech programmes in Geographic Information Systems, the MBA program and two Phd programs in Education Technology and Bio-Technology at its campus in Neemrana, Rajasthan. Earlier this year, NU placed 100% of its first batch of MBA students. NU stands poised for the next level of growth with its 100-acre, fully-residential campus which has been declared the Greenest Campus in India. NU is evolving into the 'University of the Future', an institution of excellence to provide exceptional education based on the four core principles that make Education Industry-linked, Technology-based, Research-driven and Seamless.
NIIT Technologies consolidated net profit rose 24.45% to Rs 57.50 crore on 5.88% rise in net sales to Rs 469.60 crore in Q1 June 2012 over Q4 March 2012.
NIIT Technologies provides IT solutions in application development and maintenance, managed services, IP Assets/platform solutions and business process outsourcing in verticals such as financial services, travel and transportation, manufacturing, distribution, healthcare and government sectors.
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