Sonata Software gained 2.97% to Rs 233.75 at 11:15 IST on BSE after the company said that its wholly owned subsidiary, Sonata Europe has entered into an agreement with IZARA ApS to acquire 15% stake in Danish company.
The announcement was made after market hours yesterday, 7 December 2017.Meanwhile, the S&P BSE Sensex was up 256.30 points or 0.78% at 33,205.51. The S&P BSE Small-Cap index was up 199.57 points or 1.11% at 18,230.81, outperforming the Sensex.
On the BSE, 21,534 shares were traded on the counter so far as against the average daily volumes of 74,124 shares in the past one quarter. The stock had hit a high of Rs 237.55 and a low of Rs 229.15 so far during the day. The stock had hit a 52-week high of Rs 247 on 1 December 2017. The stock had hit a 52-week low of Rs 142.95 on 25 May 2017.
The stock had outperformed the market over the past one month till 7 December 2017, gaining 22.01% compared with the Sensex's 1.26% drop. The stock had also outperformed the market over the past one quarter, rising 47.35% as against the Sensex's 4.06% rise. The scrip had also outperformed the market over the past one year, advancing 44.54% as against the Sensex's 25.58% rise.
The small-cap company has an equity capital of Rs 10.52 crore. Face value per share is Re 1.
Sonata Software plans to grow its presence in Nordic region with this acquisition. No government approvals are required for the transaction. The company will pay cash consideration of equivalent to $96,000.
IZARA ApS is an IT consulting Danish company. They also serve clients in US and Nordic markets.
Sonata Software's consolidated net profit rose 5.12% to Rs 45 37 crore on 32.72% fall in net sales to Rs 426.86 crore in Q2 September 2017 over Q1 June 2017.
Sonata Software is a global IT solutions firm focused on catalyzing business transformation initiatives of its clients through deep domain knowledge, technology expertise and customer commitment.
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