NIIT Jumps Nearly 70% In Eight Straight Sessions To Hit Lifetime High

Shares of NIIT Ltd. surged nearly 19% to a record high on Tuesday following a eight straight days of gains. This is the stock's longest winning streak since its Nov. 17, 2021, nine-session rise.

On Friday, exchange records showed market veteran Ramesh Shrichand Damani buying 8 lakh shares, or 0.6% stake, in the company at Rs 127.55 in a bulk trade. This caused the stock to close at a 20% upper circuit on Monday, followed by an over 18.95% rise to a fresh lifetime high of Rs 183 today. The stock gained 70% in the past eight-day rally.

Shares of the company pared gains to trade 17.7% higher at Rs 180.99 apiece as of 10:18 a.m. This compares to a flat NSE Nifty 50 Index.

The stock has risen 56.9% on a year-to-date basis and 122% in the last 12 months. Total traded volume so far in the day stood at 31 times its 30-day average. The relative strength index was at 84.54, indicating that the stock may be overbought.

The one analyst tracking the company suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 27.3%.