NIIT Tech shares gain over 5% on securing contract worth GBP 23 mn from Ofcom

By: | Updated: January 12, 2016 5:02 PM

Shares of NIIT Technologies gained over 5 per cent in the early trade on Tuesday after the company informed BSE that it has been selected as a strategic partner by Ofcom

niit technologies, ofcom, niit technologies share price, sensexShares of NIIT Technologies gained over 5 per cent in the early trade on Tuesday after the company informed BSE that it has been selected as a strategic partner by Ofcom (Photo: Reuters)

Shares of NIIT Technologies gained over 5 per cent in the early trade on Tuesday after the company informed BSE that it has been selected as a strategic partner by Ofcom, the UK’s communications regulator.

At 9.48 am, NIIT Technologies shares were trading 3.83 per cent up at Rs 564.05. The scrip opened at Rs 549.15 and had touched a high and low of Rs 571 and Rs 549.15, respectively, in trade so far. Later, the share price of the company closed 2.35 per cent up at Rs 556.

NIIT Technologies will help Ofcom to manage its infrastructure and application systems and offer a customer focused service to improve the users’ experience of ICT services. The value of the contract is 23 million pound over a six year period which includes an initial term of 4 years and extensions.

The promoters holding in the company stood at 30.84 per cent while institutions and non-institutions held 53.18 per cent and 15.98 per cent respectively.

In a BSE filing, the company said, “As a strategic partner, NIIT Technologies will implement a dedicated service delivery model and new service management processes and tools. Key services will include the service desk, data centre services, application management and project management.”

NIIT Technologies is a leading global IT solutions organisation, servicing customers in Americas, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Infrastructure Management Services, IP Asset or Platform Solutions, and Business Process Management to organisations.

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