Sonata Software zooms 10% as board to consider bonus issue

Shares of Sonata Software zoomed over 10 per cent in Thursday's trade as the company said its board will consider a proposal for bonus issue of shares.

The board meeting is scheduled for Monday, 25 July 2022 to consider a proposal for bonus shares and standalone as well as consolidated unaudited financial results of the company for the quarter ended 30 June 2022.

Following the update, the stock hit the day’s high of 750.25. At 10:45 am, it traded at Rs 731.25 around 7.2 per cent above its previous close of Rs 681.70.

In Q4FY22, the company’s consolidated net profit increased by 3.3 per cent year-on-year (YoY) to Rs 100.9 crore.

Net sales declined 21.2 per cent sequentially in Q4FY22 to Rs 1,463 crore from Rs 1858.02 crore in Q3FY22.

The stock has given a 3-year return of 99.3 per cent as compared to a 74.08 per cent rise seen in the Nifty Midcap 100.

Promoters held a 28.17 per cent stake in the firm while FIIs held 12.87 per cent and DIIs 14.97 per cent as of June 30, 2022.

Sonata Software has a market cap of Rs 7,667.17 crore and operates in the IT Software sector.