Multibagger IT stock in news today on contract win from a Fortune 500 firm

Shares of IT firm Sonata Software are in news today after the firm said it has received a contract from a Fortune 500 manufacturer of consumer goods and industrial products. Under the multi-year deal, Sonata will support the manufacturing company's global business growth and its ongoing digital transformation journey.

The multibagger IT stock ended 4.05% lower at Rs 609.60 on Tuesday. Shares of Sonata Software have zoomed 129% in two years and gained 396% in five years. The multibagger stock saw very low volatility with a beta of 0.7 in the last one year.

In terms of technicals, the relative strength index (RSI) of the Sonata Software stock stands at 38.1, signaling it's trading neither in the oversold nor in the overbought zone. Sonata Software shares are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

In the previous session, market cap of the firm slipped to Rs 16,388 crore.

Total 0.34 lakh shares of the firm changed hands amounting to a turnover of Rs 2.03 crore on Tuesday

In a first-of-its-kind initiative, the client is partnering with Sonata Software to modernize its operations and deliver a homogenous, unified user experience at scale. Powered by AI, the collaboration will leverage industry best practices to drive operational efficiencies and profitable return on investment, said the software and consulting firm. 

“With our extensive expertise in Cloud and infrastructure services, Sonata Software is thrilled to provide the client with a customized full-stack ITSM solution,” said Anthony Lange, Chief Revenue Officer at Sonata Software.

Sonata Software specialises in cloud and data modernisation, microsoft dynamics modernisation, digital contact center setup and management, managed cloud services and digital transformation services.