NIIT Technologies Debuts On A Strong Note On SEs

Mumbai, Aug 30 | Updated: Aug 31 2004, 05:50am hrs
NIIT Technologies, a spin off from erstwhile NIIT, made its debut on both the domestic exchanges on Monday.

On The Stock Exchange, Mumbai (BSE), the stock got listed at Rs 146 per share (incidentally its intra-day low).

The face value of the stock is Rs 10 per share. Following its listing on Monday, the stock surged further to touch an intra-day high of Rs 199.10 before closing at Rs 193.85. Over 14.33 lakh shares changed hands on the BSE, on Monday.

While on the National Stock Exchange, (NSE), the stock ended at

Rs 194.60, with a trading volume of 34.98 lakh shares. It opened at Rs 162, touched an intra-day high of Rs 199.40 and an intra-day low of Rs 150.25.

NIIT Technologies came into existence following the split in the business of NIIT Ltd. Its business were split into training and education and software development. NIIT Technologies was entrusted with the software development, while NIIT Ltd was given the training and education business.

The restructuring involved NIITs shareholders receiving 50 shares of NIIT Ltd and 75 shares of NIIT Technologies in lieu of 100 shares of NIIT.

Earlier on August 23, NIIT Limited, which takes care of its education business, got relisted on the domestic exchanges.

NIIT Technologies will be a pure software development business.