Three IT stocks to watch out for on 26 April

Nifty IT index relatively underperformed broader markets on Monday, the first trading session of the week.

Yesterday, benchmark indices Nifty 50 and Sensex ended in the red territory at 16,954 and 56,579.89 respectively; down by more than 1% each. Nifty IT index record losses of 2.11%, closing at 31,744. Top losers of the index include L&T Infotech, Mindtree, Coforge and Tech Mahindra.

Keep a close eye on these trending IT stocks on Tuesday, 26 April 2022:

Intellect Design Arena – The company has announced that it will integrate Microsoft cloud for financial services to accelerate cloud adoption and digital transformation initiatives of corporate banks. The collaboration will see iGTB adopt Microsoft as its preferred cloud platform to remove traditional barriers to banking technology adoption, thereby helping banks go-to-market 3 to 4 times faster with liquidity, cash management, payments, trade finance & supply chain finance cloud offerings to their corporate clients.

This collaboration is set to drive sustained banking digitalisation, help banks transform their corporate banking business models, modernise their cloud technology stacks, and consume “Banking-As-A-Service” out-of-a-box.

Tata Consultancy Services – The company is expanding its strategic partnership with SBI Cards and Payments Services to power the latter’s next leg of digital transformation. The new engagement is built on a decade-long partnership. During the COVID-19 crisis when social distancing norms were affecting customer interactions, TCS worked closely with SBI Card to implement video KYC and e-signature features to fully digitalize its cards sourcing process. TCS will further digitalize and transform the online onboarding processes to enable a faster turnaround and frictionless experience which is expected to drive greater customer satisfaction. In addition, it will enable SBI Card to further expand its e-card issuance, delighting end customers and giving it a competitive edge in the market.

Cyient – The company has announced that it has signed definitive agreements to acquire Citec, an international plant and product engineering services company serving customers across the energy, process, oil and gas, and manufacturing industries. The acquisition transactions will be completed during the quarter. This acquisition will enhance Cyient’s position as a leader in the plant and product engineering sector, strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway, and Sweden, and in Germany and France.

This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date. The combined portfolios of Cyient and Citec will be one of the largest independent plant engineering capabilities globally.

Watch out for the above-mentioned scrips today.