1:1 Bonus Issue: Multibagger IT Stock Declares Rs 4/Share Dividend, Net Jumps 54% QoQ

Mid cap company from the IT Software sector Newgen Software Technologies Ltd shares gained 10.55% in trade today to 957.35 per share as the Board of Directors recommended final dividend of Rs 4/share post 1:1 bonus issue. The ex-bonus date was January 12, 2024. The company has a market capitalisation of Rs 13,630.05 crore. Newgen Software Technologies shares gained 291% in last 1-year. The company's consolidated net profit for March 2024 quarter soared by 54% QoQ to Rs 105.2 crore. More details below:

Newgen Software Technologies Declares Dividend: As per the BSE filing of the company dated April 30, 2024, "recommended a final dividend of Rs. 4/- (four) per equity share (on face value of Rs. 10/- each on the expanded capital base post bonus issue of 1:1) i.e. 40% on a face value of Rs. 10/- per share, for the year ended 31st March 2024 subject to the approval of the Shareholders at the forthcoming Annual General Meeting ("AGM") of the Company. Information regarding the record date for payment of the final dividend, if any, will be intimated in due course."

Newgen Software Technologies Quarterly Results: The company declared its consolidated total income for the quarter ended March 31, 2024 at Rs 390.33 crore, up 16.58% as against Rs 334 crore declared in the December 2023 quarter. The company announced its revenue from operations for March 2024 quarter at Rs 375.2 crore, up 16% as compared to Rs 323.6 crore declared in the December 2023 quarter. The company announced its consolidated net profit attributable to the shareholders of the company at Rs 105.2 crore for the March 2024 quarter, up 54% from 68.34 crore announced in the December 2023 quarter.

Newgen Software Technologies Bonus Issue In 2024: As per the regulatory filing of the company, "Newgen Software's Board of Directors had already approved 1:1 bonus issue on November 27 and fixed January 12 as the record date. It implies shareholders will become eligible to receive one bonus share for every one share held as on January 12, 2024."

Newgen Software Dividend History: Newgen Software Technologies declared 6 dividends since August 1, 2018. In the last 12 months, Newgen Software Technologies announced an equity dividend amounting to Rs 5.00 per share. If the current share price of Rs 972.00 is taken into consideration, Newgen Software Technologies offers dividend yield of 0.51%.

Newgen Technical: Score is 69.07, stock is technically moderately strong. Stocks with score between 60 and 70 are considered as technically moderately strong. RSI is 67.1, RSI below 30 is considered oversold and above 70 overbought. MFI is 73.2, MFI above 70 is considered overbought. This implies that stock may show pullback. FII/FPI have increased holdings from 15.22% to 16.41% in Mar 2024 quarter. Number of FII/FPI investors increased from 152 to 172 in Mar 2024 quarter, according to Trendlyne.

Newgen Software Stock Performance & Return: The stock's 52-week high price is Rs 992.50 apiece (as on 30/04/2024) and 52-week low price is Rs 248.28 apiece (as on 02/05/2023), respectively. Newgen Software has a PE of 31.81 and ROE is 22.03. Newgen Software shares soared 30% in last 1-week only, jumped 66% in last 6-months, gave return of 315% in last 2-years, and offered return of 524% in last 3-years.

About Newgen Software: Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on Newgen's industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries. Newgen unlocks simple with speed and agility, according to its official website.

Disclaimer:

The stock highlights the dividend, Q4 results and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.