Newgen Software Shares Rebound After Sell-Off; Jefferies Sees 'Attractive' Risk-Reward

• Newgen Software shares gained on Wednesday after Jefferies double-upgraded the stock to "buy" from "underperform."
• The stock had declined 15% on Tuesday following its December quarter results.
• Jefferies cut its price target to ₹760 from ₹835, implying a 21% upside potential.
• Q3 revenues missed expectations, but profits beat, despite slower growth in license sales and core markets.
• Newgen's net profit declined 23.2% to ₹63 crore due to a one-time ₹35 crore impact from a new labor code.

Why It Matters: Newgen Software shares rebounded as Jefferies upgraded the stock, citing attractive risk-reward despite Q3 misses.