Newgen Software shares jump 7% on multiple order wins; stock still 48% below 52-week high

Shares of Newgen Software Technologies Ltd climbed 7 per cent in Thursday’s trade, ending a four-day losing streak after the company announced two order wins—one from Europe and another from India.

On Thursday, Newgen Software shares surged as much as 7.1 per cent to hit a day’s high of Rs 937 on the BSE, up from Wednesday’s close of Rs 874.45. By 9:35 am, the stock was trading 6.92 per cent higher at Rs 934.95, valuing the company at Rs 13,246 crore. So far, 1.73 lakh shares had changed hands, generating a turnover of Rs 16 crore.

In a regulatory filing, Newgen said its wholly owned UK subsidiary had signed a Master Service Agreement with Tata Consultancy Services N.V., Belgium. The contract, valued at €4.22 million, covers cloud hosting, software licensing and implementation services for a five-year period.

On the same day, the company also reported a domestic deal. It has secured a Rs 21.24 crore purchase order from Kshema General Insurance Ltd for its Policy Administration System. The scope includes software licensing, implementation and annual support services, also spanning five years.

At current levels, the stock trades 26 per cent above its 52-week low of Rs 740.05, while remaining nearly 48 per cent below its 52-week high of Rs 1,795.50. The scrip has fallen in seven of the last eight trading sessions.

Technically, the stock is positioned above its 5-, 10-, 20-, 30- and 50-day simple moving averages (SMAs) but remains below the 100-, 150-day and 200-day SMAs.