Goldman Sachs Funds & Massachusetts Institute of Technology-backed multibagger small-cap IT stock: Board announced bonus shares – Check record date inside
The stock gave multibagger returns of over 300 per cent from its 52-week low.
Today, one of the Top Gainers on BSE, shares of Newgen Software Technologies Ltd were locked in a 5 per cent upper circuit to Rs 1,332.60 per share from its previous closing of Rs 1,269.15. The stock’s 52-week high is Rs 1,369.90 and its 52-week low is Rs 329. The stock gave multibagger returns of over 300 per cent from its 52-week low.
The sudden rise in the stock price was mainly due to the company announcing bonus shares in the proportion of 1:1 i.e., 1 new fully paid-up bonus equity share of Rs 10 each for every 1 existing fully paid-up equity share of Rs 10 each held by the members of the company as on the record date. The company fixed the record date for the bonus issue of equity shares as Friday, January 12, 2024.
As of September 2023, Goldman Sachs Funds holds a 3.15 per cent stake, Massachusetts Institute of Technology holds a 4.15 per cent stake, and Malabar India Fund Ltd holds a 1.34 per cent stake in the company. Overall, foreign institutional investors (FIIs) have increased their stake in the company from 15.34 per cent in June 2023 to 15.92 per cent in September 2023.
Newgen Software Technologies is a global software Company and is engaged in the business of software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services from workflow automation to Document management to imaging.
Newgen Software has a market cap of over Rs 9,000 crore with a 3-year stock price CAGR of 71 per cent. The company has been maintaining a healthy dividend payout of 20.4 per cent and reported excellent numbers in its Quarterly Results & annual results.
The stock gave multibagger returns of 113 per cent in just 6 months and a whopping 270 per cent in 1 year. Investors should keep an eye on this Small-Cap IT stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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