Newgen Software surges 13% in 2 days after promoters sell 10.57% stake

Shares of Newgen Software Technologies extended their rally into second day, surging 4 per cent to Rs 519.45, on the BSE in Wednesday’s intra-day deals after the promoters sold their 10.57 per cent stake in the company via open market on Tuesday. With today’s gain, the stock was trading at its fresh all-time high level, having zoomed 13 per cent in two days. In the past one month, it has soared 58 per cent as compared to an 8 per cent gain in the S&P BSE Sensex.

“Diwakar Nigam, chairman & managing director, and T S Varadarajan, whole time director; the promoters of Newgen Software Technologies announced a sale of an aggregate 10.57 per cent equity stake in the Company by the promoters/ promoter group to a group of reputed institutional investors,