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- Newgen Software shares have surged 35 per cent to hit a record high during intra-day trading on Friday, May 3.
- The IT company’s net profit rose 33 per cent to ₹105.2 crore in Q4FY24, contributing to the bullish trend.
- Shares of Newgen Software have risen for nine consecutive sessions, following robust Q4 results and top brokerage recommendations.
Newgen Software’s record-breaking performance and robust Q4 results drive a bullish trend, offering investors multibagger returns.
Record-breaking Q4 Results
During the March quarter, Newgen Software’s net profit surpassed the ₹100 crore mark for the first time ever. The company also reported its highest ever quarterly revenue at ₹375.3 crore in the March quarter, rising 23 per cent year-on-year (YoY) compared to ₹305 crore in the year-ago period. Revenue was driven by strong growth in Europe, Middle East, and Africa (EMEA) and India region. The company approved a final dividend of ₹4 per equity share i.e. 40 per cent on a face value of ₹10 per share, for the year ended 31st March 2024.
Surge in Share Price
Shares of Newgen Software have risen for nine consecutive sessions and hit back-to-back upper circuit on top brokerage recommendations after its robust Q4 show. On Friday, May 3, shares of Newgen Software opened at ₹990.85 and rose six per cent to hit a fresh 52-week high mark of ₹1,050.45, before settling 4.19 per cent higher at ₹1,023.50 apiece on the BSE. Shares had hit 52-week high on Thursday as well extending the persistent rally over Q4 results.
Conclusion
Newgen Software’s record-breaking Q4 results and the subsequent surge in share prices highlight the company’s strong growth potential. With its shares rising for nine consecutive sessions, the IT company offers promising returns to investors. As Newgen Software continues to deliver robust performance, it remains a stock to watch in the IT sector.
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