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A total of 18,243 shares changed hands on the counter till 12:49PM (IST)

The web3 revolution, backers say, promises the democratization of commerce and information by building a better internet on blockchain networks - distributed ledger systems that form the basis of Bitcoin and other cryptocurrencies. It theoretically would cut out traditional middlemen and gatekeepers, letting users transact directly and have a greater stake in the programs they use.

A total of 12,541 shares changed hands on the counter till 11:06AM (IST).

While price targets on the scrip do not look too bad, especially following the recent slide, analysts said upside could be capped for the stock near future amid a lack of positive triggers.

Promoters held 48.05 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 28.12 per cent and 11.33 per cent, respectively.

The rupee declined by 12 paise to 74.70 against the US dollar in opening trade on Wednesday, as muted domestic equities and elevated crude oil prices weighed on investor sentiments. At the interbank foreign exchange, the rupee opened weak at 74.70 against the US dollar, registering a decline of 12 paise from the last close.

On the technical charts, the RSI of the stock stood at 64.17.

Newgen Software Technologies Ltd., incorporated in the year 1992, is a Small Cap company (having a market cap of Rs 4270.80 Crore) operating in IT Software sector.

The stock traded at a P/E multiple of 76.54, while the price-to-book value ratio stood at 7.32.

​​ The initial public offering (IPO) is purely an offer-for-sale (OFS) of equity shares worth Rs 680 crore by promoter and other selling shareholders. As a part of the OFS, promoter Ravi B. Goyal will sell shares worth up to Rs 677.58 crore.