Newgen Software rallies after block deals

Newgen Software rallies after block deals

Shares of Newgen Software Technologies soared 12%, hitting a new high of Rs 511.55, on the BSE in intra-day trade on Tuesday after more than 10% of the company’s equity changed hands on the counter. The stock of the information technology (IT) consulting & software company surpassed its previous high of Rs 464, touched on Monday.
As of March 31, 2021, the promoters of Newgen Software held 65.73% stake in the company. Among public shareholders, foreign portfolio investors held 14.63% holding, followed by individual shareholders (9.95%), mutual funds (3.74%) and alternative investment funds (3.11%), shareholding pattern data shows.
Newgen Software Technologies is a leading provider of digital automation platform. Globally, successful financial institutions, insurance, government, and shared services organizations rely on Newgen’s industry-recognized products and applications—to manage their processes (BPM), content (ECM), and communications (CCM)—for connected operations.

In FY’21, the company continued to witness business momentum with expanded customer engagements and addition of 67 new logos under company’s umbrella. US region is now largest revenue contributor recording a growth of 16% this year, with significant customers on cloud.
The company accelerated performance in Banking & Financial Services, Government/PSU, and Insurance verticals with increased demand for digital transformation initiatives in these sectors. The company also said that it entered into a large transformation deal for a leading public sector bank in India during the quarter.

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