NIIT Technologies stock up by 9 percent

By SiliconIndia   |   Tuesday, November 30, 2010
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Bangalore: NIIT Technologies Limited stock was among top gainers after price went up by nearly 9 percent. After opening the day at Rs.189.95, the stock touched its 52 week high of Rs.234.90, before closing the trade at Rs.189.50, with gain of 9.23 percent.Through the day,36574 shares of NIIT Technologies Limited were traded in the market. NIIT Technologies Limited is an information technology (IT) solutions organization servicing customers in North America, Europe, Asia and Australia. The Company focuses on customers in the banking, financial services and insurance, travel transportation and logistics, and retail and distribution sectors, offering services in application development and management, enterprise solutions and managed services. It also offers business process outsourcing and geographic information system (GIS) solutions through its subsidiaries. The Company's service offerings include application development and management, package implementation, managed services, platform based services, business process outsourcing, GIS and cloud computing. NIIT Technologies Limited won BSF contract worth Rs.228cr.At the CMP of Rs.182, the stock is currently trading at 6.7xFY11E and 5.9xFY12E earnings. We maintain our BUY recommendation with a target price of Rs. 278 based on 9xFY12E earnings.EBITDA margin is higher as compared to peers among the mid tier IT vendors.
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