NIIT shares jump 5 pc as Q2 profit zooms

Shares of skills and talent development company NIIT on Thursday climbed nearly 5 percent after the company posted a multifold rise in consolidated net profit at Rs 209.3 crore for the September quarter. The scrip jumped 4.29 percent to close at Rs 89.90 on the BSE. During the day, it zoomed 7.88 percent to Rs 93.

At the NSE, it rose 4.70 percent to close at Rs 90.15. In terms of traded volume, 2.33 lakh shares were traded on the BSE and over 24 lakh shares on the NSE during the day.

The rise in profit was mainly driven by the reversal of tax provisions and earnings from the divestment of NIIT Technologies shares. The company had registered a profit of Rs 25.9 crore in July-September 2018-19.

NIIT saw its net revenue grow by 5 percent to Rs 236.5 crore in the quarter under review from Rs 226 crore in the year-ago period.