Sonata Software trades ex-date for 1:3 bonus; stock surges 12%

Shares of surged 12 per cent to Rs 602.10 on the BSE in Thursday’s intra-day trade. The stock of IT software & consulting company traded ex-date for bonus issue in the ratio of 1:3 i.e. 1 (One) new fully paid up equity share of Re 1 each for every 3 (Three) fully paid up existing equity shares of Re 1 each. On Wednesday, the stock closed at Rs 714.75 (unadjusted to bonus shares).

fixed Saturday, September 10, 2022 as record date to ascertain eligibility of shareholders for issuance of bonus equity shares.

At 10:16 am; the stock traded 9 per cent higher at Rs 585.50, as compared to 0.94 per cent rise in the S&P BSE Sensex. Around 400,000 shares have changed hands on the NSE and BSE, as against an average sub 100,000 shares traded in the past two weeks, pre bonus issue.

However, thus far in the calendar year 2022 (CY22), underperformed the market as shares fell 8 per cent, as compared to 0.59 per cent gain in the benchmark index. Earlier, the stock had hit a 52-week low of Rs 457.50 on June 20, 2022.

Analysts at Prabhudas Lilladher downgraded Sonata to ‘hold’ from ‘accumulate’ as the brokerage firm believes revenue growth will be modest going forward.

“The company is likely to take 2-3 quarters to overcome supply side constraints and potential impact of weak macro environment. Margins, too, in International IT Services (IITS) business are expected to remain under pressure due to renewed investments in freshers, sales teams, leadership team, and development centres in Canada, Ireland, and Mexico,” the brokerage firm said.

Meanwhile, in the current fiscal year FY23, the company said that it is gearing up to tap a multitude of opportunities and deliver world-class client experience.

“Our focus is on PlatformationTM at the core and our industry led approach has started to pay off in these times when clients are looking to begin their digital journeys with us,” the company said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Comments are closed.