Multibagger IT stock hit record high today; bonus issue ex-date on December 12

Shares of multibagger Sonata Software Ltd hit their all-time high in Wednesday’s session amid a record run in Sensex and Nifty. Sonata Software shares rose 1.53% to an all-time high of Rs 1485.30 against the previous close of Rs 1462.80 on BSE. The IT stock has climbed 149.50% this year and gained 461.39% in three years. Total 0.28 lakh shares of the firm changed hands amounting to a turnover of Rs 4.13 crore on BSE. Market cap of the firm rose to Rs 20,447 crore on BSE. Later, the Sonata Software stock closed flat at Rs 1458.35 on BSE.  

The multibagger IT stock fell to a 52-week low of Rs 522.05 on December 19, 2022.    

The IT firm logged a 10% year-on-year (YoY) rise in net profit at Rs 124.2 crore in Q2 against a net profit of Rs 112.7 crore. Revenue climbed 28% to Rs 1,912.6 crore in Q2 from Rs 1,496.0 crore in the corresponding period of the preceding fiscal. 

EBITDA rose 33% to Rs 220.5 crore in the second quarter against Rs 165.7 crore in the corresponding period of the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

In terms of technicals, the relative strength index (RSI) of the stock stands at 73.4, signaling it's trading in the overbought zone. Sonata Software stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.  

The stock has risen 151 percent in 2023 and gained 146% in a year.    

The company announced a bonus issue of shares in the ratio of 1:1. The IT firm has fixed December 12 as record date for ascertaining the eligibility of shareholders for issuance of bonus equity shares of the company. The bonus issue of equity shares will be subject to approval by the shareholders. 

Sonata Software specialises in cloud and data modernisation, Microsoft Dynamics Modernization, digital contact center setup and management, managed cloud services and digital transformation services.

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