Sonata Software Limited‘s shares are skyrocketing in early trading on Monday.
What Happened: The shares traded over 8% higher to hit a fresh 52-week high at ₹739.80 on Monday.
It isn’t immediately clear what is driving the latest surge in the share price. The information technology services company on Feb. 15 announced entering a strategic partnership with software-as-a-service (SaaS) company Freshworks.
Sonata would jointly resell California, U.S.-based Freshworks’ business software to small and mid-market India-based businesses.
It’s worth noting that Freshworks — which is listed on the Nasdaq exchange in the United States — has not seen its shares react to the news in the past week. The SaaS company’s shares last traded at $15.76 (₹1,303.5) on Friday, down about 0.8% in five sessions.
Several other major IT stocks were mostly trading flat in early trading on Monday, with the S&P BSE Information Technology index up 0.9% on Monday.
Infosys Ltd. shares traded about 1% higher at ₹1,598.30. HCL shares were up 1.6% and Tech Mahindra shares were up 1.8%.
Price Action: Sonata Software shares traded 7.8% higher at ₹733 at the time of writing on Monday, with an intraday high of ₹739.80.
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