NIIT Ltd shares soared to a new peak of ₹190.10 on the National Stock Exchange (NSE), locking in a 10% upper circuit at 10:04 AM. This surge in share price reflects strong investor interest, with over 6 million shares exchanging hands in a market that was otherwise sluggish. The broader market, represented by the Nifty 50, was down by 0.6%, trading at 25,130, yet NIIT's stock remained a clear standout, proving to be a promising share to buy.
NIIT's impressive 61% growth in two weeks
The significant uptick in NIIT shares follows a remarkable 61% rise over the past two weeks. On August 21, 2024, the stock was trading at ₹118.45, and since then, it has steadily climbed, marking today’s new high of ₹190.10. The surge began with key moves by the company’s promoters, who increased their stake in NIIT, signalling confidence in the company’s growth prospects and making it an attractive share to buy.
On August 22, 2024, NIIT's promoters, Thandani Family Trust and Pawar Family Trust, acquired 3.54 million equity shares, representing 2.62% of the total equity, at ₹118 per share via the open market. This strategic acquisition raised the promoters' holding from 34.652% to 37.267%, demonstrating their long-term commitment to the company. The shares were purchased from Hornbill Orchid India Fund, which sold its entire 2.62% stake through block deals, highlighting a significant shift in NIIT's ownership structure.
The following day, August 23, 2024, renowned investor Ramesh Shrichand Damani further bolstered confidence in NIIT by purchasing 800,000 equity shares, representing a 0.59% stake in the company, at a price of ₹127.55 per share. Damani's investment is particularly noteworthy, as it underscores the belief that NIIT is a promising share to buy, especially in the context of the company's growth trajectory and strategic positioning in the education and training sector.
Why NIIT is a share to look out for
NIIT's impressive stock market performance, coupled with promoters' increased stake and the entry of a seasoned investor like Damani, signals strong potential for future growth. For investors looking for a share to buy, NIIT presents an opportunity backed by solid fundamentals and significant insider confidence.
As the stock continues to gain momentum, it becomes an increasingly attractive option for those seeking to invest in a company with a robust growth outlook. The steady rise in NIIT's share price, even in a challenging market environment, reinforces its position as a share to buy for investors aiming to capitalise on long-term value creation.
NIIT remains a stock to watch
NIIT Ltd has demonstrated remarkable resilience and growth in a volatile market, with its shares hitting ₹190.10 today and locking in a 10% upper circuit. The strategic acquisitions by the company's promoters and the investment by Ramesh Shrichand Damani provide strong indicators of the stock's potential, making it a compelling share to buy for investors looking to invest in a high-growth sector. As NIIT continues to build on its strong performance, it remains a stock to watch in the coming days.
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