NIIT is the top gainer on the BSE since the opening bell today. The stock surged almost 19% to hit an intraday high at Rs.163.70, tantalizingly close to its 20% UC of the day at Rs.165.35. Its 52-week high is at Rs.210.50.
The stock price reacted to the company finally going ahead with its buyback. Its Board, way back on 24th Dec’20 had approved buyback up to Rs.237 crore at Rs.240/share.
The company yesterday announced that its buyback offer will open on 1st April’21 and will be made via the tender offer route, closing on 28th April.
Promoters, as at 31st Dec’20, held 34.27% stake, FIIs held 23.80%.