By Aditya Raghunath
Investing.com -- Newgen Software Technologies Ltd (NS: NEWG ), a low code automation platform, has been on a roll in June. The stock has moved up by over 88% since its close of Rs 283.05 on April 30. It closed June 22 at Rs 532.95.
On June 16, the stock moved up 3% after three promoters Diwakar Nigam, Priyadarshini Nigam and T.S. Varadarajan sold shares worth Rs 335 crore, that consisted of 10.55% stake in the company.
The shares were bought by some of the biggest financial institutions on the planet. Morgan Stanley (NYSE: MS ) Asia Singapore Pte and White Oak India Equity Fund II picked up shares in the company worth Rs 10.7 crore each, White Oak India Select Equity Fund Rs 10.12 crore, Kuber India Fund Rs 49.98 crore and India Acorn Fund Ltd Rs 119.81 crore.
Abu Dhabi Investment Authority bought shares worth Rs 75 crore, Societe Generale (PA: SOGN ) picked up shares worth Rs 10.07 crore while MS Param Value Investment bought shares of the firm for Rs 22.7 crore and Mukul Mahavirprasad Agrawal bought shares worth Rs 27.24 crore.
However, the stock has been moving up long before the transactions. Newgen Software Technologies reported a 27.2% rise in net profit at Rs 52.7 crore for the March 2021 quarter compared to Rs 41.5 crore in the March 2020 quarter. Its revenue grew 4.8% to Rs 200 crore from Rs 190.8 crore in March 2020.
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