Shares of Newgen Software Technologies Ltd jumped 4% in early trading after the Reserve Bank of India (RBI) ordered the company to install and maintain the Regulatory Application Management System (RAMS). After accounting for 18% GST, the order’s total value was Rs 32.45 crore.

The duration of this domestic contract is seven years. According to Newgen Software, the order does not meet the requirements for a related party transaction under the Companies Act of 2013 and instead complies with the parameters outlined in the Request for Proposal (RFP).

Global software developer and provider Newgen Software specializes in creating and delivering all-inclusive software solutions. From document management and workflow automation to sophisticated imaging solutions, its offerings cover the whole range of services.

Consolidated net profit for the September quarter of Newgen Software increased 47% on the quarter to Rs 70.3 crore, while operating revenue increased 14.8% on a quarter-over-quarter basis to Rs 361.2 crore. The net profit increased by 47%, and revenue increased by 23% on a yearly basis.

At 12:50 pm, the shares of Newgen Software were trading 2.88% higher at Rs 1,162.65 on NSE.

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