Newgen Software shares zoom 9% after accepting purchase order from RBI

Newgen Software Technologies shares gained 9.3 per cent in Wednesday's trade and logged an intraday high at Rs 1,322.7 per share. The stock zoomed after the company accepted a purchase order from the Reserve Bank of India (RBI).

 

Around 11:00 AM, Newgen share price was up 6.16 per cent at Rs 1,284 per share. In comparison, the BSE Sensex was up 0.42 per cent at 81,187.22. The market capitalisation of the company stood at Rs 18,013.47 crore. The 52-week high of the stock stood at Rs 1,547.2 per share and 52-week low of the stock stood at Rs 626.05 per share.

 

"In continuation to earlier disclosure dated November 28, 2024, related to the purchase order as received from RBI in respect of the implementation and maintenance of the Regulatory Application Management System (RAMS), we hereby inform you that Newgen Software Technologies Limited has accepted the said Purchase Order," the filing read. 

 

On November 28, 2024, the company announced that it had received a purchase order from RBI to implement and maintain Regulatory Application Management System (RAMS). The value of the purchase order is over Rs 32 crore.  The contract is expected to be executed in 7 years, the company said. 

 

Newgen Software is a global leader in providing business process management (BPM), enterprise content management (ECM), and customer communication management (CCM) solutions. Founded in 1992, the company offers a range of solutions that help organisations automate workflows, manage content, and enhance customer experiences across industries such as banking, insurance, healthcare, government, and telecom. 

 

Newgen's platforms utilies advanced technologies like artificial intelligence, machine learning, and robotic process automation to optimize business processes, improve operational efficiency, and ensure compliance. With cloud-enabled solutions, Newgen supports scalability while reducing infrastructure costs, serving clients in over 60 countries worldwide.

 

In the past one year, Newgen Software shares have gained 67.17 per cent against Sensex's rise of 17.3 per cent.