Post Budget reaction - Newgen Software

Mr. Diwakar Nigam, Chairman and Managing Director, Newgen Software

"The budget has laid emphasis on the development of skills and technologies in analytics, IoT, AI, and robotics, fostering innovation and competitiveness. The proposal to set up data center parks in collaboration with the private sector can potentially enhance the digital infrastructure of the country and address privacy/security related issues. The government has increased the outlay for digital India programmes, which is encouraging. We were expecting the sunset clause of the IT act of SEZs to be extended that would have further boosted the IT software exports. However, the provision has not been changed. It would also have been great to have streamlined SEZ processes and labour laws in the IT sector. Removal of the dividend distribution tax is a great move towards a globally accepted regime of shareholder taxability for dividends."

Shares of Newgen Software Technologies Ltd was last trading in BSE at Rs.222.35 as compared to the previous close of Rs. 220.4. The total number of shares traded during the day was 1723 in over 237 trades.

The stock hit an intraday high of Rs. 226.25 and intraday low of 211.8. The net turnover during the day was Rs. 378706.