Newgen Software wins order worth $2 mn but stock slips 

Shares of Newgen Software Technologies Ltd snapped eight sessions of gains on Friday even as the IT firm announced a fresh order win. It won an order worth $2 million. Newgen Software Technologies stock slipped 4.04% to Rs 1618 against the previous close of Rs 1686.25 on BSE. Market cap of the firm fell to Rs 22,944 crore.

Total 0.44 lakh shares of the firm changed hands amounting to a turnover of Rs 7.21 crore on BSE.

"Newgen Software Technologies LLC, a wholly owned subsidiary incorporated in Dubai, has received a letter with commercial terms from a customer intending to engage the aforesaid subsidiary company for the implementation of the Digital Lending and Onboarding Platform for Retail Product, accordingly the said letter with the commercial value has been accepted by the aforesaid subsidiary company. The aggregate commercial value, as agreed, with the customer is $2,000,000/," said Newgen Software. The order is to be completed in a year.

The IT stock has risen 113.43% in a year and gained 105% in 2024. It has zoomed 800% in two years. The stock hit a record high of Rs 1725.15 in the previous session.

In terms of technicals, the relative strength (RSI) of Newgen Software stood at 81.7, 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.