On Monday, November 20, i.e. today, when the market opened in the morning the Newgen Software Technologies IPO was trading 5 percent high following the company declared a board meeting to be held on November 27 to have talks on a proposal for the issue of bonus shares. Meanwhile, the shares of Newgen Software Technologies reportedly were locked in the upper circuit with a 5 percent gain and hitting a new high of Rs 1304.70. Since it was announced that Newgen Software Technologies equity shares were locked in the 5 percent upper circuit, it has become the talk of the town’s investors. Let’s delve deep into the details and learn more about it. Keep reading.
According to the report, approximately 19,000 equity shares have changed hands and are still pending buy orders for around 30,000 shares on BSE and NSE. Thus, since April of the financial year 2023-2024, the stock of the global provider of digital transformation has soared 190 percent in comparison to the S&P BSE Sensex which tumbled 0.17 percent on Monday morning taking it to 65,685 at 9:36 am. Newgen Software Technologies is the leading provider of digital transformation platforms with native process automation, communication management, AI/ML capabilities, and content services. Continue reading this article and learn more.
Talking about the performance of the company in the second quarter of the current fiscal year, the firm showed a strong report claiming consolidated net profit zoomed 59 percent YoY to Rs 47.78 crore. Reportedly, the healthy earnings were the result of strong growth in the financial and banking services segment across geographies. In the second quarter of FY24, Newgen Software Technologies’s operational revenue surged by 29.7 percent reaching Rs 293.23 crore against Rs 226.11 in the previous fiscal year. Shift to the next section and read more details.
The company also mentioned its revenue gain before interest, depreciation, taxes, and amortization surged 59.3 percent YoY to Rs 57.2 crore, on the other hand, the margins gained 290 bps to 19.5 percent. Newgen Software Technologies said it added 14 new customers’ logos during the second quarter. It said the significant milestone was achieved with the recent order win worth Rs 68 crore from a leading public sector bank for the development and management of their complete Digital Business Platform. Crisil Ratings, a rating agency said Newgen Software Technologies’ focus on larger customers with continuous development, bigger deal sizes, and innovation in products, and growing overseas sales in new geographies would lead to further revenue gain over the medium term.