Shares of Newgen Software rallied 15% in two sessions after the firm reported a seven-fold rise in Q2 net profit. Newgen Software share gained 7.47% intra day to Rs 264.7 against previous close of Rs 246.30 on BSE.
At 12:02 pm, the stock was trading 4.49% higher at Rs 257.35.
Newgen Software Tech stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 2.77% in one year and risen 31.42% since the beginning of this year.
Total 0.67 lakh shares of Newgen Software changed hands amounting to turnover of Rs 1.73 crore on BSE. Market cap of the firm rose to Rs 1,797 crore on BSE.
Net profit in Q2 rose to Rs 27.52 crore, a rise of 745.77 percent from Rs 3.25 crore in September quarter 2019. EBITDA margin rose to 26.5 percent from 5.9 percent amid strong cost rationalisation initiatives undertaken by the company.
Net sales climbed 10.71 percent to Rs 145.17 crore in September quarter 2020 up from Rs. 131.13 crore in September quarter of 2019.Newgen Software Technologies provides business process management (BPM), enterprise content management (ECM), customer communication management (CCM), document management system (DMS), and workflow and process automation ftware.
Meanwhile, Sensex fell 150 points to 40,572 and Nifty was trading 50 points lower at 11,886 in afternoon trade.