NIIT Technologies scale fresh all-time high; stock surges 20% in 3 weeks

Shares of NIIT Technologies continued their northward movement on the BSE on Wednesday, surging 5 per cent to hit their all-time high of Rs 1,894 in an otherwise weak market.

The stock of the IT consulting & services firm has soared 20 per cent in the past three weeks, as compared to a 0.43 per cent decline in the S&P BSE Sensex. The S&P BSE IT index was up 3.4 per cent during the same period.

A strong rally in the stock price has led the counter to trade 9 per cent above its proposed share buyback price. Last month, the board of directors of NIIT Technologies had approved buy-back of up to 1.96 million equity shares at a price of up to Rs 1,725 per share aggregating up to Rs 337 crore.