Sonata Software Shares Hit 52-Week High Again: What's Going On?

Sonata Software Shares Hit 52-Week High Again: What's Going On?

Sonata Software shares hit another 52-week high on Tuesday as the stock breached the ₹900-mark for the first time.

What Happened: The IT services company has had a great start to the year. Sonata’s share price has jumped over 50% year-to-date. The surge is also remarkable as it comes in times of uncertainty in the Indian IT sector. The Nifty IT index is down around 0.21% YTD.

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The company recently announced the appointment of Suresh HP as the Chief Delivery Officer of the company. He joins the company from LTIMindtree and has more than three decades of experience in companies such as Infosys and Motorola.

The company just last month announced bagging its largest-ever contract in terms of the contract value. The total contract value (TCV) for the deal is $160 million (₹1,322 crore) for 10 years. The IT services company informed that the client is a US-based consumer retail company.

Price Action: Sonata share price closed 3.97% higher at ₹893.65 as the markets closed on Tuesday.

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