USD 9,90,000 order secured: Multibagger small-cap hits new 52-week high; Net profit zooms by 47.36 per cent!
The stock has witnessed significant buying activity as it has surged more than 392 per cent in the last 3 years.
In Tuesday deals concluded with marginal increases, as both Sensex and Nifty gained 0.01 per cent each. In this muted market, the shares of Newgen Software Technologies Limited soared by 5.83 per cent. Additionally, the stock hits fresh 52-week high mark of Rs 1,000 per share on BSE. Furthermore, the scrip witnessed a spurt in volume by more than 1.34 times. The company's current market capitalisation is Rs 6,771.71 crore.
From a technical perspective, as of August 22, the stock's 200-day moving average (DMA) stood at Rs 584.92, while the 50-DMA was observed at Rs 774.98. With the current price at Rs 968. In the recent crossover, the 50-DMA has surpassed the 200-DMA, signalling a robust and sustained upward rally over the long term.
Today, this heavy buying was seen after company secured a purchase order for the License Product, implementation and support services from an international client.
The total value of the purchase order amounts to USD 9,90,000. The contract is scheduled for execution over a period of three years.
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Newgen Software Technologies operates as a worldwide software company, specializing in the development of software products. Their expertise encompasses the full range of software services, spanning from workflow automation to document management and imaging, resulting in comprehensive end-to-end software solutions.
Recently, the company announced its Q1FY24 performance. Details are below:
The company's revenue went up by 33.33 per cent, reaching Rs 224 crore compared to the same quarter last year. The operating profit also increased to Rs 28 crore, showing a growth of 55.55 per cent compared to June 2022.
Additionally, the net profit of the company jumped by 47.36 per cent when compared to the same quarter in the previous year, amounting to Rs 28 crore.
The stock has witnessed significant buying activity as it has surged more than 392 per cent in the last 3 years.
Keep a close eye on this trending stock.