Sonata Software gains on incorporation of Canada-based subsidiary

Sonata Software rose 1% to Rs 837.30 after Sonata Software Canada was incorporated in Canada as a wholly-owned subsidiary of Sonata Software North America and as a step down subsidiary of Sonata Software with effect from 3 December 2021.

The subscribed share capital of Sonata Software Canada (SSCL) is CAD 100 (100 common shares) for which no government/ regulatory approval is required. The initial subscription in SSCL by the Sonata Software North America (SSNA) does not fall under the purview of company's related party transaction and the promoter/ promoter group/ group companies do not have any interest in SSCL, the company added in its press statement.

Sonata Software's consolidated net profit rose 5.11% to Rs 91.17 crore on a 24.07% fall in net sales to Rs 963.18 crore in Q2 FY22 over Q1 FY22.

Sonata Software provides IT consulting, product engineering services, application development, application management, managed testing, business intelligence, infrastructure management, packaged applications, and travel solutions. The company derives most of its services revenue from overseas, with the US and Europe accounting for major shares of revenues. The company's domestic subsidiary Sonata Information Technology primarily distributes software products and is focused on the Indian market.

Powered by Capital Market - Live News