NIIT shares hit 20% upper circuit after Ramesh Damani acquires stake
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NIIT shares climbed 20% to a day’s high of Rs 153.84 on the NSE after ace investor Ramesh Damani acquired a 0.59% stake in the education company, valued at Rs 10.02 crore, through an open market transaction. Over the past two trading sessions, NIIT’s stock price has soared by 29%, rising from Rs 119.08 on Thursday, August 22, to its current level. This sharp increase reflects growing investor confidence in the company’s prospects, fueled by Damani’s recent investment. On Friday, Damani purchased 8 lakh equity shares of NIIT at Rs 127.55 per share via a bulk deal on the NSE, according to exchange data. The identities of the sellers involved in the transaction have not been disclosed. As of the company's shareholding pattern for the quarter ending June 2024, Damani held no previous stake in the company. Additionally, on August 22, NIIT’s promoters, the Thandani Family Trust and the Pawar Family Trust, also increased their stake in the c...