IT services provider Sahana System acquires two entities; stock gains

Sahana System Limited, a small-cap company that provides IT services, has announced expanding its horizons by acquiring two entities. The company said that it has acquired Softvan Private and Softvan Labs. According to a statement, the latest acquisitions are part of the diversification process of the service portfolio.  

The NSE-listed IT company said that the latest expansion will further increase its offering including software development, cybersecurity, digital marketing, IoT solutions, blockchain development and more.

"This significant acquisition marks a pivotal moment in the growth and evolution of Sahana System as we continue to expand our presence and offerings in the technology sector. We believe this strategic move will yield substantial benefits for our company and our valued stakeholders," it said in a statement on NSE.

Meanwhile, shares of Sahana System on Monday gained more than 3 per cent to close at Rs 281.70 apiece. In intraday trade, the stock hit a high of Rs 285 (up over 5 per cent), commanding a total market capitalization of more than Rs 225 crore. 

The stock is currently up 110 per cent from its 52-week low at Rs 136.05.

Sahana System is a startup India participant and has also been recognised by DPIIT, the government agency responsible for promoting and regulating the country's industrial and trade sectors. It offers services like web app development, mobile application development, AI, ChatBot and more.

Meanwhile, Sensex and Nifty rallied for the second straight session on Monday amid fresh foreign fund inflows and intense buying in IT and commodity stocks. The BSE benchmark Sensex climbed 240.98 points or 0.37 per cent to settle at 65,628.14. During the day, it jumped 296.75 points or 0.45 per cent to 65,683.91. The Nifty rose 93.50 points or 0.48 per cent to end at 19,528.80.