Shares in the IT bellwether, NIIT Technologies advanced near 7% on the NSE on Tuesday after the IT major announced that its board will meet on 23rd December to consider the proposal of share buyback.
Reacting to the development, shares of NIIT Technologies went up to its intraday high level in share price at Rs.1,576.25 up by near 8% on the NSE.
On the BSE too, the NIIT Technology stock reached its high level at Rs.1576.20, which was up by 6.94% from the previous closing.
In the past 18 months, the technology Giants like Infosys, TCS, Wipro, and HCL Tech have preferred the buyback options to meet aims by rewarding shareholders.
Share buybacks are executed by the rich companies to decrease its number of outstanding shares in the share market, by buying back a part of shares from the shareholders at a price higher than the market value. To get the Best Equity Tips and see the best stock to buy Tips from the expert.
At 12.45-pm, NIIT Technologies’ share price went up at Rs.1574.30-per share, up by Rs.100.90 or6.85 percent from the previous closing on the NSE. In comparison, the Nifty quoted at 12149.80, up by 95 points and the Sensex scaled at 41279, up by 340 points in trade.