Newgen Software Technologies: On Thursday, the fourth trading day of the week, the shares of IT sector company Newgen Software Technologies registered a sharp rise. The scrip rose 12 per cent to Rs 813.90 during trading. This is the highest level of 52 weeks of the stock. Meanwhile, the brokerage estimates that the stock price could cross Rs 850.

What is target price: Global brokerage firm Jefferies has given a ‘Buy’ rating on the stock of Newgen Software Technologies. The brokerage has set a target price of Rs 860 per share. The brokerage said in a note that the company has strong growth potential due to operations in the banking sector. Jefferies has raised FY2024-25 EPS estimates by 2-4%.

Order received by the company: Newgen Software Technologies has received an order for implementation of end-to-end trade finance including customer web portal and supply chain finance solution. Its total value is Rs.34,64,00,000/-. The order is valid for 5 years.

Newgen Software Technologies reported revenue of Rs 252 crore for the quarter ended June 2023, up 34% year-on-year. Net profit for the quarter stood at Rs 30 crore, a growth of 57% over the corresponding quarter of the previous financial year.