3 IT stocks to watch out for on July 26
The benchmark indices Nifty 50 and Sensex are trading marginally lower, thus extending losses for the second day consecutively since the last trading session.
Sensex is trading 55,355.55, down by 0.74%, and the Nifty 50 was trading at 16,514.05 down by 0.70%. Nifty IT index is at 27,536.35 down by 2.41%, whereas BSE IT is trading at 28,042.67 down by 2.38%.
Keep a close eye on these trending IT stocks on Tuesday, 26, July 2022:
Tanla Platforms Limited: Tanla Platforms' net profit decreased by 38.35% to Rs 17.60 crore in the quarter that ended in June 2022 from Rs 28.55 crore in the quarter that ended in June 2021. Sales increased 42.45% to Rs 323.32 crore in the quarter that ended in June 2022 from Rs 226.97 crore in the quarter that ended in June 2022. The shares of Tanla platforms crashed and were down by 20% on the BSE today.
Infosys Limited: Infosys’s net profit for the first quarter of FY23 was less than anticipated at Rs 5,360 crore, up 3.2% year over year but down 5.7% sequentially. Infosys has increased its FY23 revenue growth target from the previous projection of 13-15% to 14-16% despite the macroeconomic situation being uncertain and reports of a recession in several nations, including the US. Infosys announced revenue growth of 23.6% YoY to 34,470 crore for the first quarter of FY23. The number increased 6.8% consecutively. The shares of the company were down by 2.68% on the BSE today.
Tech Mahindra Limited: The IT giant's net profit decreased 24.8% to Rs 1,131.60 crore on a consolidated basis, while operating revenue increased 4.9% to Rs. 12,707.90 crore in Q1 FY23 compared to Q4 FY22. In Q1 FY23, Tech Mahindra's sales increased 24.6% while its net profit decreased 16.4% year over year (YoY). EBITDA was Rs 1,880.10 crore in Q1 FY23, up 0.2% year over year (YoY) but down 10% quarter over quarter (QoQ). The scrip of the IT company was down by 1.81% on the BSE today.
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