Multibagger IT firm wins ₹19 crore order in Saudi Arabia; delivers 122% returns in a year to double investor’s money | Stock Market News
Source: Live Mint
Multibagger smallcap IT stock: Newgen Software Technologies announced on Tuesday, December 24, that it won a $2.27 million ( ₹19 crore) purchase order through its wholly owned subsidiary Newgen Software Technologies Company Ltd. in Saudi Arabia. The IT software services firm disclosed that the project would be completed within a year. It clarified that neither its promoters nor any group companies have a stake in the awarding entity.
The purchase order, accepted today, is from an international client and does not qualify as a related party transaction under the Companies Act 2013. Newgen Software informed the development through a regulatory filing to the stock exchanges, adhering to regulatory requirements under SEBI’s Listing Obligations and Disclosure Regulations.
Over the past year, the stock has delivered nearly 122 per cent returns, nearly doubling investors’ wealth.
