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This is an archive article published on July 20, 2011

NIIT Tech jumps 11% on fund buying

Shares of NIIT Technologies jumped on fund buying as the valuations have come down.

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Shares of NIIT Technologies Ltd jumped nearly 11 percent on fund buying as the valuations have come down,several dealers said.

The software services firm on Tuesday said its consolidated profit remained mostly flat at 412 million rupees,despite a revenue growth of about 13 percent to 3.29 billion rupees for the period.

With the revenue trajectory now visibly improving,we expect valuations to structurally move closer to the peer group,Royal Bank of Scotland said in a note. We forecast a strong 34 percent services growth in FY12,which we believe can drive a re-rating of the stock closer to its peer group,said the British bank,which has a ‘buy’ on the stock.

At 11.13 a.m. shares were up 8.93 percent to 220.85 rupees.

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