The focus of the company will now shift to the more lucrative infotech businsess from its present activity of leasing and hire-purchase. The market has cheered the company's latest move and the scrip has shot up by 120 per cent, from Rs 9 to Rs 22, in just 11 trading sessions.

In order to encash upon the software mania -- the craze for anything even remotely connected with infotech -- the company is changing its name from Sony Crop India Ltd to Soni Infosys Ltd.

The company has already applied to the Registrar of Companies (RoC) for the change in name. Said a company official, ``We expect to get theapproval from RoC by this week-end.'' The board would be deciding the date for the extra general meeting(EGM) and the shareholders' approval will be taken at a board meeting to be held on January 29.

According to the company official, the reason for the shift in business is the continued sluggishness in leasing and hire purchase. ``With mounting defaults and sluggish markets, it was becoming very difficult for us to sustain our bottomlines. We see ample scope for growth once we enter the infotech sector,'' he added.

Tbe board will also take a decision on the rights issue and the preferential offer to promoters/NRIs/foriegn nationals for issue of equity shares/warrants. The proposed rights issue of 10 lakh shares will be in the ratio of 1:3. The preferential offer of equity shares/warrants will be at a premium of Rs 20.

A fortnight back the company was not in a position to charge premium as the stock was trading below par value. However, thanks to the software hype on the bourses, marketmen have alreadybegun treating the company as a major success story. The stock, which was languishing below Rs 10 until December-end, has zoomed by more than 120 per cent to Rs 22.

For the first-half of fiscal 1998-99, Sony Corp India has reported a profit of Rs 5.87 lakh and for the first-quarter ended June 30, 1998, the company has reported a net loss of Rs 1.29 lakh. As on March 31, 1998, the company's equity base stood at Rs 3 crore and reserves at Rs 39 lakh. The authorised share capital of the company will be enhanced from Rs 3.5 crore to Rs 5 crore.

Sony Corp India is not the first finance company to make a foray into software -- a number of small and relatively unknown non-banking finance companies have entered the software business to make a fast buck. And each time, marketmen have pushed their scrips to record highs.