Jobaaj Stories
Shares of IT services company surged 4% at the bourses today as the stock achieved new highs on account of better revenue outlook.
Sonata Softwares is a Bangalore-based IT services company which was founded back in 1986.
The company has strategic partnerships with several companies such as Microsoft, Google and Amazon.
It provides a variety of services such as Cloud Services, Product Engineering, Azure Services, etc. across North America, Europe and Asia Pacific.
The stock witnessed a gap-up opening today as buyers took interest in the stock.
Due to the renewed interest from bulls, the stock grew 4% in today's session and breached the Rs 800 mark and touched a lifetime high of Rs 809!
But why did it surge today?
The surge in the stock price was due to the announcement of the acquisition of US-based Quant Systems Inc for $65 million.
Sonata softwares announced the largest acquisition in its history as the acquisition will reportedly help the company boost its abilities in the modernization and digital engineering fields.
Moreover, the company has also partnered with Mumbai Indians as an Associate Partner for the women's league!
The company's revenues have registered a 4x growth in the last 2 years. The acquisition and partnership will further help the company drive growth and improve its margins.
At its close of Rs 801.70 per share, the company's stock has surged 77% in the last 8 months.
Moreover, the scrip has been gaining since the beginning of 2023 as it has grown 42% in 2 months.
- Aman Agarwal
