Shares of Sonata Software rose 1.84% to Rs 813.05, extending gains for second consecutive session.
The stock has added 4.22% in two sessions, from its recent closing low of Rs 780.10 recorded on 10 March 2023.
On the technical front, the stock's daily RSI (relative strength index) stood at 67.821. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On daily chart, the stock is trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 659.65, 602.90 and 561.51, respectively.
In the past three months, the stock has surged by 42.87% while the benchmark Sensex has lost 7.72% during the same period.
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In an exchange filing made yesterday, the company said India Ratings and Research has affirmed Sonata Software's long-term issuer rating at 'IND AA-'. The outlook is 'stable'.
Sonata Software provides IT consulting, product engineering services, application development, application management, managed testing, business intelligence, infrastructure management, packaged applications, and travel solutions. The company derives most of its services revenue from overseas, with the US and Europe accounting for major shares of revenues.
The IT company posted 4.39% rise in consolidated net profit to Rs 117.66 crore on a 51.12% jump in revenue from operations to Rs 2,260.78 crore in Q3 FY23 over Q2 FY23.
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