Education Stock Rallies 44% In 2 Days; Rewards Over 1 Lakh Shares To Employees Under ESOPs

Leading skills & talent development corporation, NIIT Limited witnessed robust buying on Tuesday as much as that the stock rallied near its 20% upper circuit. This would be the second consecutive day where NIIT shares have jumped by 20%. Accordingly, the stock has gained by nearly 44% in a span of two days. The strong buying in NIIT shares comes after the company reward its employees with over 1 lakh equity shares under the ESOP option.

At the time of writing, NIIT Ltd traded at Rs 115.83 apiece, up by 17.11% on BSE. The stock rallied by at least 19.8% in the day after hitting an intraday high of Rs 118.49 apiece --- which is near its 20% upper circuit limit of Rs 118.69 apiece.

NIIT shares are currently the top gainer on BSE.

Its market cap is around Rs 1,564.92 crore.

On the previous day, the stock touched its 20% upper circuit of Rs 98.91 apiece on BSE.

Since the start of this week's trading, the stock has skyrocketed by nearly 44% in 2 days. on BSE. The stock was at Rs 82.43 apiece on Friday last week.

In its regulatory filing, NIIT in its regulatory filing said, "We would like to inform you that the Share Allotment Committee of the Company on September 10, 2023, has allotted 1,01,666 Equity Shares of Rs. 2/- each in accordance with the terms of ESOP-2005."

ESOP stands for employee stock ownership plan, where eligible employees get ownership of a portion of the company's equity shares. Under the scheme, generally, the employers offer the shares at a discount or no additional cost to employees compared to the market price.

NIIT shares have given impressive returns in a month by rising over 46.5% on BSE till now. Year-to-date, the stock is down by 63% on the exchange.

NIIT is a leading skills & talent development corporation, set up in 1981 to help the nascent IT industry overcome its human resource challenges. The company today ranks amongst the world's
leading training organizations owing to its vast and comprehensive array of talent development programs.

The company delivers a diverse range of learning and talent development programs to millions of individual and corporate learners in futuristic domains through its various businesses including NIIT Digital, StackRoute, RPS Consulting, Institute of Finance Banking & Insurance (IFBI), TPaaS and Sales & Service Excellence (SSE).