Newgen Software spurts after securing patent

Newgen Software Technologies surged 10.33% to Rs 325.70 at 11:52 IST on BSE after the company announced securing another patent for its invention- Integrated and Automatic Generation of Carbon Credits.

The announcement was made after market hours yesterday, 19 March 2019.

Meanwhile, the S&P BSE Sensex was up 66.51 points or 0.17% at 38,429.98

On the BSE, 34,000 shares were traded in the counter so far compared with average daily volumes of 2,870 shares in the past two weeks. The stock had hit a high of Rs 331.30 and a low of Rs 304.50 so far during the day.

Newgen Software announced the issuance of Patent, entitled Integrated and Automatic Generation of Carbon Credits. Newgen's platforms enable organizations to save operational costs by replacing paper and file movement with digital workflows and document management. Newgen's invention is a carbon credit analyzer coupled with the process management unit, which helps organizations automatically estimate costs & savings associated with the processing of documents. These savings are then converted to equivalent carbon credits.

The patent is valid till 10 June 2029. Newgen has filed for 44 patents till date, out of which 11 have been granted. And, there are 3 patents under examination in the US.

On a consolidated basis, net profit of Newgen Software Technologies rose 108.55% to Rs 18.06 crore on 33.93% rise in total income to Rs 164.78 crore in Q3 December 2018 over Q3 December 2017.

Newgen Software Technologies is a provider of Business Process Management, Enterprise Content Management and Customer Communication Management platforms with large, missioncritical solutions deployed at world's leading Banks, Governments, BPO's & IT Companies, Insurance firms and Healthcare Organizations.

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