Shares of skills and talent development firm NIIT shot up 20% and hit the upper circuit on Monday after veteran investor Ramesh Damani picked up stake in the company. 

What Happened: According to data by NSE, Ramesh Damani bought a 0.59% stake in the company. The veteran investor bought 8 lakh shares at an average price of ₹127.55, making the value of the stake at ₹10.20 crore.

NIIT is engaged in building skilled human capital and increasing workforce talent. The company was founded in 1981 to help the then-nascent IT Industry to overcome its human resources challenge.

See Also: REC Jumps Nearly 2% On Deal With JNPA To Lend ₹45,000 Cr For Infra Development

NIIT in its Q1 results saw its net profit more than double to ₹7.76 crore compared to ₹2.18 crore in the corresponding quarter of the previous year. Its revenue was up 31.86% to ₹82.47 crore.

NIIT also announced September 5 as the record date for a final dividend of ₹0.75 per share. The company is also having its annual general meeting on September 24.

NIIT's shares have been on an upmove so far this year, with the stock rising by 33.60% so far. 

Price Action: Shares of NIIT rose 20% and hit upper circuit at ₹153.84 on Monday.  

Read Next: BHEL Secures Contracts Worth Over ₹11,000 Cr From Adani Power, Shares Upbeat