Multibagger IT stock hits record high on fresh order win 

Shares of Newgen Software Technologies zoomed to their record high today after the firm announced a fresh order win. Newgen Software Technologies stock rose 7.67% to the high of Rs 1725.15 against the previous close of Rs 1602.20 on BSE. Market cap of the firm rose to Rs 23,108 crore.

Total 0.57 lakh shares of the firm changed hands amounting to a turnover of Rs 9.56 crore on BSE.

"Newgen Software Technologies Company Limited, the wholly owned subsidiary incorporated in Saudi Arabia has received and accepted the Purchase Order. The aggregate value of the aforesaid purchase order is $2,266,667.00," said the IT firm.

The IT stock has surged 118% in a year and gained 106.51% in 2024. It has zoomed 821% in two years.

In terms of technicals, the relative strength index (RSI) of Newgen Software stood at 77.8, signaling it's trading in the overbought zone. Newgen Software stock has a one-year beta of 1, indicating average volatility during the period. Newgen Software shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day averages.

The IT firm reported a 47.8% rise in net profit for the quarter ended September 2024. Net profit climbed to Rs 70.33 cr in Q2 against Rs 68.3 cr on a QoQ basis. Revenue climbed 23.16% to Rs 361.15 crore in the last quarter against Rs 293.23 cr on a year on year basis basis.

Newgen Software Technologies Limited is a provider of a unified digital transformation platform (NewgenONE) for automating the end-to-end process and comprehensively managing content and communications, backed by artificial intelligence (AI)-based cognitive capabilities, governance and a robust integration ecosystem. The core products of NewgenONE platform are Contextual Content Services (ECM), Low Code Process Automation (BPM), Omnichannel Customer Engagement (CCM) and Artificial Intelligence Cloud.