NIIT shares surge on ESOP allotment, strategic shift
Shares of talent development company NIIT Ltd surged for the third straight session on September 13, 2023, after the company announced the allotment of 1,01,666 equity shares of Rs 2 each under its Employee Stock Ownership Plan (ESOP).
The stock closed at Rs 140.58, up 20% from the previous close. The company’s shares had rallied nearly 19% in the previous session and 20% on September 11.
The sharp rise in the stock price was also supported by the company’s announcement of a strategic shift towards exploring new sectors to address evolving skill needs in the job market.
In an interview with CNBC-TV18, Rajendra Singh Pawar, the chairman and co-founder of NIIT Group, said, “We don’t see a very big uptake in new jobs in the near term. But we see the need for change in skills. We are looking for the horizon for new sectors that are emerging in this country right now.”
“I think India is poised for growth on a number of dimensions. So we are looking at newer sectors where we will be making offerings, and that’s the work in progress at this point in time. I think the most interesting part is the role of AI,” he added.
Shares of NIIT Ltd are down 55% this year till date.
- NIIT shares surged for the third straight session on September 13, 2023.
- The sharp rise in the stock price was supported by the company’s announcement of an ESOP allotment and a strategic shift towards exploring new sectors.
- Shares of NIIT Ltd are down 55% this year till date.
- 21 Sep
Electronics Mart India shares jump over 4% on block deal
Electronics Mart India shares climbed over 4% in opening trade on September 21 after 96.2 lakh shares of the firm changed hands in a block deal worth Rs 137.6 crore. The buyers and sellers could not be immediately ascertained. Electronics Mart India is a retailer of electronics home appliances and consumer durables. It is headquartered in Hyderabad, Telangana. The company's revenue jumped 19.95% year-on-year to Rs 1,691.56 crore in Q1 FY24. Its net profit climbed 48.2% to Rs 60.26 crore. Shares of the company are up 70% this year to date. The stock price is around 11% down from its 52-week high of Rs 166.50.
- 21 Sep
West Coast Paper Mills shares jump 3% on NCLT approval for Uniply Decor acquisition
West Coast Paper Mills shares were trading 3% higher in the morning trade on September 21 after the paper-maker announced having received approval for its resolution plan to acquire Uniply Decor from the National Company Law Tribunal (NCLT). The company's stock has been on an upward trend since July 27th.
- 21 Sep
Zydus Lifesciences Receives USFDA Approval for Acne Gel
Zydus Lifesciences shares rose nearly 1% on September 21 after the company received final approval from the USFDA for Clindamycin Phosphate Gel USP, a skincare gel used to treat acne. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. This is the latest in a series of approvals for Zydus Lifesciences from the USFDA. The company is expected to continue to do well in its current business operations, with new drivers for growth based on vaccines, biosimilars, and complex generics.
- 20 Sep
TCS: Strong Deal Momentum and Revamped Organizational Structure Provide Resilience and Position the Company for Growth
TCS: Strong Deal Momentum and Revamped Organizational Structure Provide Resilience and Position the Company for Growth TCS, India's largest IT services company, has reported robust deal wins over the past few quarters. The company is also well-positioned to grab market share during the current challenging environment due to its strong domain expertise, global presence, and proven ability to cross-sell its services. The recent organizational restructuring is expected to alleviate concerns and aid in driving growth. Analysts maintain a Buy rating on TCS with a revised price target of Rs. 4,200, as they believe the company is well-placed to grab cost takeout as well as digital transformation programs along with opportunities arising from vendor consolidation.
- 20 Sep
Power Stocks Surge on Robust Growth Outlook
hares of NTPC, Power Grid, and JSW Energy surged on September 20, buoyed by a robust growth outlook for the power sector. Jefferies recommended these stocks as its top picks, citing India's capex-driven GDP growth, which is expected to lead to a rise in power intensity. The brokerage firm also expects the capex CAGR in the power sector to rise 9x at 20 percent in the period of FY23 to FY26. The robust growth outlook for the power sector is supported by a number of factors, including India's growing economy and population, the government's focus on renewable energy and infrastructure development, and the government's various initiatives to promote electric vehicles and smart grids.