NIIT's Share Price Soars by 8% After Signing Agreement With US Firm EdTech

The share price of the National Institute of Information Technology (NIIT) Limited soared by 8 per cent on the National Stock Exchange (NSE) on April 22 after its subsidiary signed an agreement with a US-based company, EdTech.

The Indian multinational firm informed the Bombay Stock Exchange (BSE) and the NSE that a 5-year-long managed services agreement was signed in between NIIT (USA) Inc. and EdTech. Virtual services will be extended to education providers under this agreement.

The share touched its 52-week high of Rs 115.55 on January 9, 2020, achieving its 52 week low of Rs 53.55 on March 23, 2020. At around 2 pm on Wednesday, NIIT Ltd. share was at Rs 86.55, up by 7.32 per cent on the NSE.

“Both companies see this as a significant partnership where two market leaders go-to-market jointly to provide innovative solutions in the testing and certification marketplace,” Deepak Bansal, the Company Secretary and Compliance Officer at NIIT Limited said.

While the global education-oriented company NIIT is headquartered at Gurugram in Haryana, its American subsidiary NIIT USA Inc. is fully owned by the parent firm. NIIT is listed under both the NSE and BSE in India.