700% interim dividend: Shares of Sonata Software touch a new 52-week high!

The Indian benchmark indices kicked off the week on an upbeat note, experiencing substantial gains in real estate, utilities, oil and gas, and capital goods sectors. Information technology (IT) stocks also saw a notable upswing. Sonata Software Ltd, a software and consulting company, witnessed a remarkable surge in its trading volume, driving its shares to a new 52-week high of Rs 1,244.80 per share on the BSE.

Shares have been consistently hitting new 52-week highs due to increased buying interest, and one of the contributing factors is the upcoming record date for the interim dividend. The record date for the 700% dividend is scheduled for tomorrow, November 07, 2023.

The board of directors of the company has approved the payment of interim dividend of Rs 7 per equity share of the face value of Re 1 each for the financial year ending March 31, 2024 and added that the dividend will be paid to the shareholders on or after November 22, 2023. Additionally, the company has recommended a bonus issue of 1 equity share for every 1 equity share held by the shareholders of the company as of the record date.

The company has recently disclosed a significant development in the form of a new agreement with Global Cloud Xchange (GCX), a prominent network service provider that facilitates global connectivity for new media providers, telecom carriers, and enterprises. Headquartered in Bengaluru, Sonata Software Ltd boasts a robust global presence, with a significant footprint in key regions including the United States, United Kingdom, Europe, Asia-Pacific (APAC), and Australia and New Zealand (ANZ). Shares of the company have witnessed an outstanding rally of more than 112% year-to-date, providing investors with stellar returns of around 133% over the past one year.

Keep a close eye on this stock for the upcoming trading sessions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.