Shares of Newgen Software Technologies surged 3.5 percent in early trade on November 29 following an order from the Reserve Bank of India (RBI) to implement and maintain the Regulatory Application Management System (RAMS). The total value of the order stood at Rs 32.45 crore, inclusive of 18 percent GST.
At 9:22 AM, shares of Newgen Software were trading over 2 percent higher at Rs 1,156. The stock has surged over 45 percent year-to-date, significantly outperforming the Nifty 50, which has gained 10 percent during the same period.
This domestic contract will be executed over seven years. Newgen Software said that the order adheres to the terms specified in the Request for Proposal (RFP) and does not qualify as a related party transaction under the Companies Act, 2013.
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Newgen Software is a global software company, engaged in developing and delivering comprehensive software solutions. Its offerings span the entire spectrum of services, from workflow automation and document management to advanced imaging solutions.
For the September quarter, Newgen Software's consolidated net profit rose 47 percent on quarter to Rs 70.3 crore and revenue from operations rose 14.8 percent QoQ to Rs 361.2 crore. On an annual basis, the net profit rose net profit rose 47 percent and revenue rose 23 percent.
The stock dropped by as much as 8 percent following the announcement of Q2FY25 earnings, which were fairly strong. This decline may be attributed to the significant run-up in the stock price earlier this year and over the past 12 months.
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