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NIIT Plunges 6%; BSE IT Index Down 0.8%
Thu, 19 Sep 14:52

NIIT Plunges 6%; BSE IT Index Down 0.8%Image source: DNY59/www.istockphoto.com

NIIT share price has plunged 6% and is presently trading at Rs 170.4.

Meanwhile, the BSE IT index is at 42,309.0 (down 0.8%).

Among the top losers in the BSE IT index today are Oracle Financial Services (down 3.7%) and ZENSAR TECHNOLOGIES (down 3.0%).

Firstsource Solutions (up 1.5%) and PERSISTENT SYSTEMS (up 1.0%) are among the top gainers today.

Over the last one year, NIIT has moved up from Rs 128.6 to Rs 170.4, registering a gain of Rs 41.8 (up 32.5%).

On the other hand, the BSE IT index has moved up from 33,207.2 to 42,309.0, registering a gain of 27.4% during the last 12 months.

The top gainers among the BSE IT index stocks during this same period were Oracle Financial Services (up 154.9%), Firstsource Solutions (up 83.8%) and PERSISTENT SYSTEMS (up 79.2%).

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

What About the Benchmark Indices?

The BSE Sensex is at 83,145.3 (up 0.2%).

The top gainers among the BSE Sensex today are NTPC (up 2.3%) and Nestle (up 2.2%). The most traded stocks in the BSE Sensex are NTPC and Tata Steel.

In the meantime, NSE Nifty is at 25,397.8 (up 0.1%). NTPC and Nestle are among the top gainers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 67,596.8 to 83,145.3, registering a gain of 15,548.4 points (up 23.0%).

NIIT Financial Update...

NIIT net profit grew 221.7% YoY to Rs 83 million for the quarter ended June 2024, compared to a profit of Rs 26 million a year ago. Net sales rose 31.9% to Rs 825 million during the period as against Rs 625 million in April-June 2023.

For the year ended March 2024, NIIT reported 259.0% increase in net profit to Rs 399 million compared to net profit of Rs 111 million during FY23. Revenue of the company fell 11.1% to Rs 3,035 million during FY24.

The current Price to earnings ratio of NIIT, based on rolling 12 month earnings, stands at 50.6.

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