Latest Stock Market News

The Relative Strength Index of the stock stood at 30.07 on Thursday.

A total of 2,376,567 shares changed hands on the counter till 02:14PM (IST)

The brokerage has tweaked its FY2023-FY2025E estimates to build in higher sales and gradual margin recovery.

The stock rose more than 16% in the last one month which helped the stock to breakout from a descending triangle pattern which is a bearish pattern. A breakout suggests that bulls have taken control.

On the technical charts, the RSI of the stock stood at 34.35.

Sonata Software is to make an upfront payment of $65 million and a $95 million achievement-based payment over the next two years. The acquisition is a cash deal and expected to be closed within 30 days subject to the completion of customary closing conditions.

The company recently reported a widening of net loss in the December 2022 quarter at Rs 196 crore, compared with Rs 126 crore in the same quarter of last year. Revenue from operations fell 9% YoY to Rs 1,823 crore for the quarter under review.

The stock traded at a P/E multiple of 52.03, while the price-to-book value ratio stood at 19.41.

A total of 6,919 shares changed hands on the counter till 01:22PM (IST).

“We should be more optimistic than pessimistic at 17,500. The risk rewards are more favourable for fresh long addition at these levels and one can expect a bounce back of a minimum 300 to 400 points from the 17,500 trajectory. We believe that only if 17,450 is broken on a closing basis, it will call for any further shorts or further weakness into the broader market. ”