Rs 4/Share Dividend, 1:1 Bonus: IT Stock Sets July 18 As Record Date, Buy For TP Rs 1150: Jefferies

Mid cap IT Software firm Newgen Software Technologies on May 24, 2024 declared July 18, 2024 as the record date for Rs 4/- per equity share dividend of Rs 10 each. Current market price of Newgen Software Technologies share on BSE is Rs 886.85 per share with intraday fall of 3.36%. Renowned brokerage firm Jefferies has recently picked only 2 stocks from IT Software sector to buy after Q4 results. These two stocks are Infosys and Newgen Software Technologies. Jefferies has recommended traders to buy Newgen Software Technologies Ltd share with target price of Rs 1150 apiece.

Newgen Software Technologies had recommended 1:1 bonus issue earlier in 2024 and set January 12, 2024 as record date. It is worth mentioning that Goldman Sachs Funds - Goldman Sachs India Equity P has 3.30% stake in Newgen with 4,632,524 shares of the company. More details below:

Newgen Software Technologies Sets Record Date For Dividend: As per the BSE filing of Newgen Software Technologies issued as on May 24, 2024, "Further, in continuation to our earlier submission dated 30th April 2024, wherein the Board of Directors had recommended the final dividend for the Financial Year ended on 31st March 2024, subject to the approval of the Members at the forthcoming AGM, the record date for the purpose of determining the name of Members for entitlement of dividend, if declared, at the ensuing AGM of the Company, will be Thursday, 18th July 2024."

Newgen Software Technologies Recommended Rs 4/Share Dividend On April 30, 2024: As per the BSE filing, "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."

Newgen Software Technologies Share Performance: 52-week high price of Newgen Software Technologies share on BSE is quoting at Rs 1057.90 per share (as on 6/05/2024) and 52-week low price is quoting at Rs 302.95 per share (as on 11/07/2023), respectively. The company has a market capitalisation of Rs 12,441.78 crore. Newgen Software Technologies shares fell 10.98% in last 1-week, rose 18% in last 1-month, gained 40% in last 6-months, rallied 188% in last 1-year, and offered stunning rally of 366% return in last 2-years. In last 5-years, Newgen Software Technologies shares zoomed 469%.

Newgen Software Technologies Q4: The tech company declared a surge of 31.67% in its consolidated net profit to Rs 105.26 crore for Q4 ended March 2024 as compared to Rs 79.94 crore declared in the corresponding quarter of last year. Revenue from operations zoomed by 23.01% YoY to Rs 375.26 crore as compared to Rs 305.05 crore in Q4 FY2023, as per the BSE filing. The largest share of revenue came from banking vertical (73%), followed by insurance (8%), and Govt/PSUs (5%). For the whole financial year 24, its profit declared at Rs 251.60 crore, up 42.13% from Rs 177.01 crore declared in the similar quarter of last year. Revenue for the year arrived 27.70% higher at Rs 1,243.82 crore.

Newgen Software Technologies Dividend History: Newgen Software Technologies declared 6 dividends since August 1, 2018. In last 1-year, Newgen Software Technologies declared an equity dividend amounting to Rs 5.00 per share. At the current share price of Rs 886.85, Newgen Software Technologies offers dividend yield of 0.56%. Adjusting for Bonus/Splits the dividend yield is 0.28%.

Newgen Software Technologies Bonus Issue History: Newgen Software Technologies offered 1 bonus issue since Jan. 12, 2024. The last Bonus that Newgen Software Technologies Ltd declared was in the ratio 1:1 with ex-date fixed as January 12, 2024.

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 has been picked from the brokerage report of Jefferies. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.