Multibagger smallcap IT stock: Newgen Software Technologies announced on Tuesday, December 24, that it won a $2.27 million ( ₹19 crore) purchase order through its wholly owned subsidiary Newgen Software Technologies Company Ltd. in Saudi Arabia. The IT software services firm disclosed that the project would be completed within a year. It clarified that neither its promoters nor any group companies have a stake in the awarding entity.
The purchase order for the project, accepted today, is from an international client and does not qualify as a related party transaction under the Companies Act 2013. Newgen Software informed the development through a regulatory filing to the stock exchanges on Tuesday, adhering to regulatory requirements under SEBI’s Listing Obligations and Disclosure Regulations.
Over the past year, the stock has delivered multi-bagger 122 per cent returns, nearly doubling investors’ wealth. On Tuesday, shares of Newgen Software opened at ₹1,587.60 and gained 2.09 per cent to hit an intraday high of ₹1,620.90 against a 52-week high of ₹1,627.40 before settling 0.97 per cent higher at ₹1,602.20 apiece on the BSE.
According to Trendlyne data, the small-cap stock delivered 12.16 per cent returns in the last one week, 48,16 per cent returns in the last one month, and 59.48 per cent returns in the last six months. The small-cap IT stock is a preferred multiplayer for investors, delivering a robust 454.68 per cent return in the last three years.
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The IT company's operating income increased by 87.84 per cent quarter-over-quarter and 48.86 per cent year-over-year. Newgen Software Technologies reported a topline increase of 23.16 per cent year-over-year, with profits surging by 47.18 per cent in the July-September quarter of the current fiscal (Q3FY25). The IT firm's revenue increased by 14.76 per cent compared to the previous quarter. The company commands a market capitalization (mcap) of ₹22,477.55 crore.
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