Heavy buying: Back-to-back upper circuit in this small-cap multibagger IT stock; gains over 300 per cent in a year!

Shares of the company have gained more than 160 per cent in the last six months.

Shares of Newgen Software Technologies Limited were locked in the upper circuit on Tuesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 160 per cent. The stock also made new 52-week high on Tuesday.

The company posted strong Quarterly Results. The revenue of the company for Q3FY24 stood at Rs 323.65 crore which grew by 26.97 per cent YoY. The operating profit of the company stood at Rs 88.20 crore, while the PAT of the company stood at Rs 68.35 crore, representing an impressive growth of 44.48 per cent YoY.

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Newgen Software Technologies Limited has also delivered multibagger returns to its shareholders in the last one year. During this period, the company’s share price jumped from Rs 202.30 on January 16, 2023, to Rs 901.05 on January 16, 2024, an increase of about 340 per cent in one year holding period.

Newgen Software Technologies is a software products company which offers a platform that enables organisations to rapidly develop powerful applications addressing their strategic business needs. The company recently completed 30 years. The applications created on its platform enable organizations to drive digital transformation and competitive differentiation.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.