Newgen Software’s shares jumped nearly 3% following a positive outlook from Jefferies, which maintained a Buy rating with a target price of ₹1,500.
The company’s stock has shown a steady performance with a recent opening price of ₹1,316.00, reaching a high of ₹1,350.00 and a low of ₹1,316.00. Its 52-week high stands at ₹1,548.00, while the 52-week low is ₹675.00.
The firm highlighted strong growth prospects, particularly in India, the Middle East, and the company’s efforts to expand its presence in the US, particularly among mid-to-large-tier banks.
A recent ₹325 million order from the Reserve Bank of India (RBI) demonstrates Newgen’s growing presence in the financial sector, potentially paving the way for similar deals with other Indian banks. Jefferies remains optimistic about Newgen’s growth trajectory, particularly as the company strengthens its digital transformation offerings, catering to the rising demand for automation in BFSI and healthcare sectors.
As of 9:45 am, Newgen Softwar shares were trading 2.64% higher at Rs 1,344.00 on the NSE.
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