The announcement was made late on Friday, 17 November 2023.

Newgen Software Technologies is an information technology (IT) product company, which provides solutions in enterprise content management, business process management and customer communications management platforms. These platforms help clients digitise and manage content and document flow process. The major customers of the company are organisations belonging to sectors such as banking, telecom and insurance.

The company's consolidated net profit jumped 58.22% to Rs 47.78 crore in Q2 FY24 as compared with Rs 30.20 crore in Q1 FY24. Revenue from operations increased by 16.51% to Rs 293.23 crore in Q2 FY24 as against Rs 251.67 crore in previous quarter same fiscal.

The scrip was locked in 5% upper circuit at Rs 1242.60 on the BSE on Friday.