Newgen Software rallies 12%, hits new high after block deals – About Your Online Magazine


Actions of it soared 12 per cent to reach a new high of Rs 511.55 on BSE in intraday trading on Tuesday after more than 10 per cent of the company’s equity changed hands at the counter. Shares in the information technology (IT) consulting and software company surpassed the previous high of Rs 464 hit on Monday.

As of 9:56 am, about 7.5 million shares, representing 10.7 percent of Newgen Software Technologies’ total equity, had changed hands at BSE, the exchange’s data show. The names of buyers and sellers were not investigated immediately.

As of March 31, 2021, Newgen Software’s promoters held 65.73 percent of the company’s shares. Among public shareholders, foreign portfolio investors held 14.63 percent of the shares, followed by individual shareholders (9.95 percent), mutual funds (3.74 percent) and alternative investment funds (3.11 percent). percent), show the participation pattern data.

is a leading digital automation platform provider. Globally, successful financial institutions, insurance, government and shared services organizations rely on Newgen’s industry-recognized products and applications – to manage their processes (BPM), content (ECM) and communications (CCM) – for connected operations.

Last month, shares rose 56 percent after the company reported strong sequential growth of 48.9 percent in consolidated profit after tax of Rs 52.7 crore, due to strong revenue growth, for the March quarter. AF21. The operation’s consolidated revenue grew 7.8 per cent at Rs 200 crore compared to Rs 185.5 crore in Q3FY21.

In fiscal year 21, the company continued to witness commercial momentum with expanding customer engagement and adding 67 new logos under the company’s umbrella The US region is now the largest revenue contributor, recording growth 16 percent this year, with significant cloud customers, management said.

The company accelerated performance in the Banking and Financial Services, Government / USP and Insurance verticals with the increased demand for digital transformation initiatives in these sectors. The company also said it closed a major transformation deal for a leading public sector bank in India during the quarter.

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Paula Fonseca