Shares of Newgen Software Technologies Limited surged over 2% on November 28 following the announcement of a significant purchase order worth ₹32.45 crore (inclusive of 18% GST) from the Reserve Bank of India (RBI). The order pertains to the implementation and maintenance of the Regulatory Application Management System (RAMS) over a seven-year period.
Key Details of the Project:
- Contract Awarded By: Reserve Bank of India (Domestic entity)
- Project Value: ₹32.45 crore (including GST)
- Duration: 7 years
- Promoter Interest: None; no promoter or promoter group interest in the awarding entity.
Project Scope:
Newgen Software will handle the development, implementation, and maintenance of the RAMS platform to support RBI’s regulatory processes. The project aims to streamline and enhance regulatory workflows, ensuring efficiency and compliance within the RBI’s operational framework.
Newgen clarified that the transaction does not constitute a related-party transaction under the Companies Act, 2013, and aligns with the terms outlined in the RBI’s request for proposal (RFP).
Market Reaction:
As of 9:24 am, Newgen Software shares were trading 2.09% higher at ₹1,153.65 on the NSE, reflecting investor confidence in the company’s ability to deliver critical software solutions for regulatory and financial institutions.
This order reinforces Newgen’s position as a trusted provider of advanced technology solutions for key regulatory functions.
