Newgen Software Technologies Bags Order Worth Rs 25 Crore

Newgen Software Technologies Ltd. announced on Thursday that it has secured a purchase order valued at Rs. 24.99 crore. The order has been officially accepted by the company, according to an exchange filing.

The order awarded by a domestic entity is expected to be executed over a five-year period.

The computer software and consulting firm reported in-line revenue growth of 25% year-on-year. Ebit margin was at 12.7%, outperforming consensus estimates of 11.3%, despite increased hiring, employee cost and investment in sales and marketing, as per a Dolat report.

Shares of Newgen Software Technologies closed 2.34% higher to Rs 1,332 apiece, compared to a 0.81% advance on the benchmark NSE Nifty 50.

It rose 205.14% in the last 12 months and 70.52% on a year-to-date basis. The relative strength index was at 76.18.

Four out of the seven analysts tracking the company have a 'buy' rating on the stock and three recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 15%.