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This multibagger stock has gained more than 100 percent in 2021, will you bet?

Multibagger stock: After the first wave of Kovid-19 in India, a large number of multibagger stocks have been seen in the Indian stock market. However, the interesting fact for the time being is that the number of small-cap and mid-cap stocks entering the multi-bagger stocks in the 2021 list is much higher.

Sonata Software is one such stock which has gained more than 100% in the year-to-date i.e. 2021. If we look at the share price history of Sonata Software since April 2020, we will find that the IT stock has increased by more than 400 percent post-Covid-19. Brokerage firm HDFC Securities is still bullish on this IT counter.

According to HDFC Securities, despite multibagger returns in 2021, Sonata Software shares are still likely to move higher. The brokerage says that the IT sector company has registered strong QoQ growth in Q2FY22 and hence its share price can go up to ₹1050 in the long term. The share price of Sonata Software is today around ₹800 per share. Therefore, the brokerage expects a rise of around 30 per cent in the counter.

Highlighting the reasons for the stock’s rally, HDFC Securities’ report says, “After a strong growth of 11 per cent QoQ (around 5 per cent organic) in the IT Services segment (IITS) and superior margin performance, we are looking at our buy on Sonata.” Rating; Maintain. Revenue growth (+10.6 per cent QoQ) from Microsoft related services (around 50 per cent of IITs) continues, which is expected to continue.

Disclaimer: (The information provided here is for informational purposes only. It is important to mention here that investing in the market is subject to market risks. Always consult an expert before investing money as an investor. Anyone from ABPLive.com Also investing money is never advised here.)

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