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The Reserve Bank of India (RBI) is navigating a challenging economic landscape with stagnant growth and high inflation. It has maintained the repo rate at 6.5% while reducing the cash reserve ratio by 50 basis points to enhance liquidity, aiming to stabilize the rupee and attract foreign currency deposits. Despite these measures, growth forecasts for FY25 have been lowered to 6.6%, and inflation is projected at 4.8%, exacerbating the cycle of weak demand and limited investment.
Shares of Newgen Software increased by 3.5% following a positive outlook from Jefferies, which maintained its 'buy' rating and set a price target of Rs 1,500, indicating a potential 15% upside. The stock is currently trading at Rs 1,338.15, reflecting a 13% rise over the past week, driven by strong growth prospects in India and West Asia, with management focusing on expanding efforts in the US market.
On November 29, the Nifty and Sensex rebounded strongly, with the Sensex rising 759 points to 79,803 and the Nifty gaining 217 points to 24,131, driven by gains in pharma, infrastructure, energy, and auto stocks. Zee Entertainment shares surged 5% after shareholders rejected CEO Punit Goenka's reappointment, while Divi's Laboratories rose 4% following a bullish report from Citi. Adani Group stocks jumped up to 20% after being included in the NSE's F&O segment, and Easy Trip Planners saw a 10% increase after announcing a 1:1 bonus share issue. Conversely, CreditAccess Grameen fell 8.5% after a downgrade from Goldman Sachs, which revised its target price significantly lower.
Newgen Software's shares rose over 3% after securing a Rs 32.45 crore order from the Reserve Bank of India to implement and maintain the Regulatory Application Management System (RAMS). For the September quarter, the company reported a 47% increase in consolidated net profit to Rs 70.3 crore and a 14.8% rise in revenue from operations to Rs 361.2 crore. The contract will be executed over seven years and complies with the Companies Act, 2013.
Mid-tier IT firms are increasingly pursuing acquisitions to navigate a demand slowdown caused by macroeconomic challenges. Companies like Sonata Software, eClerx, and RateGain are focusing on strategic investments to enhance capabilities and market presence. Sonata anticipates revenue growth in FY25, while Cyient and Newgen Software are leveraging strong vertical performance and opportunities in the Middle East, respectively.
Zomato has successfully closed its Qualified Institutional Placement (QIP), raising Rs 8,500 crore by allocating 33.64 crore equity shares at Rs 252.62 each, which is a 5% discount to the floor price of Rs 265.91. In addition, stocks such as KEI Industries and Newgen Software are also in focus for trading today.
Newgen Software Technologies Limited
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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