NIIT shares rise 42% in two sessions, hit 52-week high today; here's why

Shares of NIIT Ltd hit a fresh 52-week high on Tuesday. The NIIT stock has risen 42% in the last two sessions after ace investor Ramesh Damani bought stake in a block deal on Friday. Damani bought 8 lakh shares or 0.59% of the total equity in the block deal. The deal was done at an average price of Rs 127.5 per share.

In the current session, NIIT shares climbed 19% to a high of Rs 182.90 against the previous close of Rs 153.90 on BSE. Total 37.85 lakh shares of NIIT changed hands amounting to a turnover of Rs 66.41 crore. Market cap of NIIT stood at Rs 2331 crore on BSE. The multibagger stock has a one-year beta of 1.3, indicating high volatility during the period.         

In terms of technicals, the relative strength index (RSI) of NIIT stands at 78.5, signaling it's trading in the overbought zone. NIIT shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, 200 day moving averages.      

As per the June quarter shareholding data, Damani held no prior stake in NIIT. Even if he did, it would be less than 1% as his name did not appear in the shareholders list. The stock, which closed at Rs 128.25 on Friday surged to a 52 week high on Tuesday, rising 42% during the period.

NIIT currently offers learning and knowledge solutions across the globe to individuals, enterprises and various institutions.