Concord Biotech, Newgen Software, ACME Solar shares jump; see target prices, outlook
ACME Solar launched a Qualified Institutional Placement (QIP) on Monday and fixed the floor price at Rs 294.13 per share.
- Jun 2, 2026,
- Updated Jun 2, 2026 12:06 PM IST
Shares of select companies, including Concord Biotech Ltd, Newgen Software Technologies Ltd and ACME Solar Holdings Ltd, recorded strong gains in Tuesday's trade even as domestic benchmark indices remained under pressure.
At last check, Concord Biotech shares were trading 9.33 per cent higher at Rs 1,159.55. Newgen Software advanced 8.79 per cent to Rs 481.20, while ACME Solar Holdings gained 7.62 per cent to Rs 330.30.
Concord Biotech
Choice Institutional Equities revised its target price on Concord Biotech to Rs 1,045 and downgraded the stock to 'Reduce' from 'Add'.
"While the underlying demand environment and long-term growth drivers remain intact, the company continues to face near-term challenges arising from geopolitical disruption, tariff-related uncertainty and delays in regulatory approvals. We believe the next phase of growth will depend on the company's ability to successfully ramp up its key growth engines," it said.
"In view of the ongoing West Asia crisis and delayed approvals, we revise our FY27/28E estimate downwards by 18.5 per cent/13.1 per cent, respectively. We continue to value the stock at 30x FY28E EPS, arriving at a revised TP of Rs 1,045 with a 'REDUCE' rating," Choice added.
Newgen Software
ICICI Direct maintained its 'Buy' rating on Newgen Software and assigned a 12-month target price of Rs 580.
The brokerage, however, reduced its target price from Rs 770 earlier. "We maintain our BUY rating, albeit with a reduced target price of Rs 580 (earlier Rs 770) with reduction in valuation multiple to 20x FY28E EPS (vs. 25x FY28E EPS earlier), given lower than expected growth trajectory," it said.
ACME Solar
Motilal Oswal Financial Services Ltd (MOFSL) reiterated its 'Buy' rating on ACME Solar Holdings with a target price of Rs 410.
The brokerage said it has factored in merchant battery energy storage system (BESS) capacity additions for FY27 and FY28, resulting in higher earnings estimates.
"We have incorporated the merchant BESS capacity additions for FY27/FY28, resulting in a 6 per cent/4 per cent increase in our EBITDA estimates. We value the stock at 10x FY28E EBITDA, leading to a TP of Rs 410," MOFSL stated.
Separately, ACME Solar launched a Qualified Institutional Placement (QIP) on Monday and fixed the floor price at Rs 294.13 per share.
Shares of select companies, including Concord Biotech Ltd, Newgen Software Technologies Ltd and ACME Solar Holdings Ltd, recorded strong gains in Tuesday's trade even as domestic benchmark indices remained under pressure.
At last check, Concord Biotech shares were trading 9.33 per cent higher at Rs 1,159.55. Newgen Software advanced 8.79 per cent to Rs 481.20, while ACME Solar Holdings gained 7.62 per cent to Rs 330.30.
Concord Biotech
Choice Institutional Equities revised its target price on Concord Biotech to Rs 1,045 and downgraded the stock to 'Reduce' from 'Add'.
"While the underlying demand environment and long-term growth drivers remain intact, the company continues to face near-term challenges arising from geopolitical disruption, tariff-related uncertainty and delays in regulatory approvals. We believe the next phase of growth will depend on the company's ability to successfully ramp up its key growth engines," it said.
"In view of the ongoing West Asia crisis and delayed approvals, we revise our FY27/28E estimate downwards by 18.5 per cent/13.1 per cent, respectively. We continue to value the stock at 30x FY28E EPS, arriving at a revised TP of Rs 1,045 with a 'REDUCE' rating," Choice added.
Newgen Software
ICICI Direct maintained its 'Buy' rating on Newgen Software and assigned a 12-month target price of Rs 580.
The brokerage, however, reduced its target price from Rs 770 earlier. "We maintain our BUY rating, albeit with a reduced target price of Rs 580 (earlier Rs 770) with reduction in valuation multiple to 20x FY28E EPS (vs. 25x FY28E EPS earlier), given lower than expected growth trajectory," it said.
ACME Solar
Motilal Oswal Financial Services Ltd (MOFSL) reiterated its 'Buy' rating on ACME Solar Holdings with a target price of Rs 410.
The brokerage said it has factored in merchant battery energy storage system (BESS) capacity additions for FY27 and FY28, resulting in higher earnings estimates.
"We have incorporated the merchant BESS capacity additions for FY27/FY28, resulting in a 6 per cent/4 per cent increase in our EBITDA estimates. We value the stock at 10x FY28E EBITDA, leading to a TP of Rs 410," MOFSL stated.
Separately, ACME Solar launched a Qualified Institutional Placement (QIP) on Monday and fixed the floor price at Rs 294.13 per share.