Shares of Newgen Software Technologies jumped more than 8 percent on Tuesday after the company secured a product patent for its system and method for the automatic quality assessment of digital documents.
The scrip hit intraday high of Rs 208 after rising 8.70 percent as against the previous close of Rs 191.35 on the BSE.
In a regulatory filing, the company said that it invented the technology to compare and check the similarity between a digital and scanned document, thereby ascertaining the quality of the digital document and deciding whether the original document needs to be digitized again.
The patent is valid for 20 years until March 24, 2030, it added.
“It (the patent) underscores our focus and ability to deliver state-of-the-art products and solutions. We will continue to innovate and enable our customers with cutting-edge applications that will help them stay ahead of the curve,” said Diwakar Nigam, MD and Chairman, Newgen Software.
Annually, Newgen invests 7-8 percent of its revenue in research and development and is currently building a skilled team of over 370 people with deep domain expertise.
At 11:45 am, the shares were trading 3.92 percent higher at Rs 198.85 on the BSE.
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