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The company disclosed that the project will be completed within a year and clarified that neither its promoters nor any group companies have a stake in the awarding entity.
The purchase order, accepted today, is from an international client and does not qualify as a related party transaction under the Companies Act, 2013. The company provided the update in a filing made at 12:23 PM to the stock exchanges, adhering to regulatory requirements under SEBI’s Listing Obligations and Disclosure Regulations.
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The deal comes amid Newgen’s continued efforts to expand its presence in the Middle East and strengthen its international business portfolio.
At 2:21 PM, shares of Newgen Software were trading at ₹1,583.75, down 0.19% on the BSE. Over the past year, the stock has delivered nearly 99% returns, nearly doubling investors’ wealth.
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