440% Dividend: Multibagger IT Stock Sets Record Date, Buy Recommended For TP Rs 919

Mid cap IT Software company Sonata Software shares gained 13.23% on June 12, 2024 to settle at Rs 707.15 per share on BSE. The company recommended a final dividend of Rs 4.40/- per equity share (440%) for the FY ended March 31, 2024. Sonata Software share soared 182% in last 2-years and fell a little over 2% year-to-date. Meanwhile, domestic brokerage firm Dalal & Broacha recommended buying Sonata Software shares with target price of Rs 919 per share. Check key details below:

Sonata Software Sets Record Date For Dividend: As per the regulatory filing of Sonata Software issued as on July 13, 2024, "With reference to the captioned subject, we hereby would like to inform you that the 29th Annual General Meeting ('AGM') of Sonata Software Limited ('Company') will be held on Tuesday, August 06, 2024 through Video Conferencing / Other Audio Visual Means. Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members of the Company will be closed from July 27, 2024 to August 05, 2024 (both dates inclusive) for the purpose of 29th AGM of the Company and to determine the Members eligible to receive Final Dividend for the Financial Year 2023-24."

If the Final dividend, as recommended by the Board of Directors, is approved at the AGM, payment of such dividend, subject to deduction of tax at source, will be as under:
a. To all beneficial owners in respect of shares held in electronic form, the dividend will be payable as per details furnished by the Depositories for this purpose as at close of business hours on July 26, 2024, added the BSE filing.

Sonata Software Gets Buy Call: The analyst has recommended buy call to Sonata Software with target price of Rs 919. According to the brokerage firm, "Sonata's approach to securing large deals, integrating acquisitions, and expanding its client base underscores its commitment to growth and innovation. The company's efforts in leveraging Al and new technologies like Microsoft Fabric position it well to continue delivering exceptional value to its clients and achieving significant revenue growth in the coming years."

Acquisition of Quant Systems represents a strategic move to boost Sonata's offerings and revenue streams, added the analyst.

Sonata Software Share Performance: The 52-week high price of Sonata Software share on BSE is Rs 867.10 per share (as on 27/02/2024) and 52-week low price is Rs 469.05 per share (as on 04/06/2024), respectively. Sonata Software has a market cap of Rs 19,830.24 crore. Sonata Software has a PE of 55.27 and ROE of 50.77. Sonata Software shares offered return of 19% in last 2-weeks, gained 42% in last 1-year, and offered return of 435% in last 5-years. In last 10-years, Sonata Software stock zoomed 2456%.

Sonata Software Bonus Share: The company recommended 1:1 bonus share in 2023 and fixed December 12, 2023 as the record date.

About: Sonata Software Limited is a leading Modernization engineering company, headquartered in Bangalore. Sonata provides modernization services using its proprietary Platformation^TM approach. It specializes in cloud and data modernization, Microsoft Dynamics Modernization, Digital contact center setup and management, managed cloud services and digital transformation services. Founded in 1986, the company has since grown to have a presence in North America, Europe, ANZ and Asia-Pacific, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Dalal & Broacha . Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.