Three IT stocks to watch out for on June 7

The benchmark indices Nifty 50 and Sensex are trading lower by almost 1% today amidst fear of recession in the global markets.

Sensex is trading at 55,131.53, down by 0.98%, and the Nifty 50 was trading at 16,414.55, down by 0.32%. Nifty IT index is at 29,332.55, down by 1.62%, whereas BSE IT is trading at 29,867.33 down by 1.45%. Top gainers in the BSE IT sector today are NELCO, Datamatics Global Services, 63 Moons Technologies, Matrimony.com, and Kellton Tech Solutions.

Keep a close eye on these trending IT stocks on Tuesday, 7 June 2022:

Infibeam Avenues Ltd: On Monday, the company announced its foray into the Australian market, eyeing a digital payments transaction value of USD 1,75,100 million by 2026. The company has set up a wholly-owned subsidiary Infibeam Avenues Australia Pty Ltd. The business will focus on online digital payments to operate as a payment processor, to provide services for Mobile Point of Sale (mPOS), Near Field Communication (NFC) and contactless card technology in the area of online payments and non-cash transactions. Infibeam Avenues plans to introduce its modern digital payment technologies in the Australian market, beginning with non-hardware contactless mobile point of sale (POS) CCAvenue TapPay. TapPay facilitates card payment transactions for merchants through tap-on-phone technology. The shares of Infibeam Avenues were down by 0.67%, on the BSE.

COFORGE Limited: Coforge has partnered with Sysdig, a major supplier of the unified cloud and container security, to help customers thrive in the new multi-cloud environment by offering visibility across cloud and container workloads from source to run. Starting with container strategy and assessment, the companies will attempt to provide a roadmap and strategy that is tailored to the needs of clients' businesses, as well as manage cloud and container security by effectively mitigating risks and handlings operations through both security and container solutions deployments. The shares of COFORGE were trading lower by 0.36%, on the BSE.

Tech Mahindra Limited: Tech Mahindra has inaugurated an Innovation and Technology Development Centre in Muscat, Sultanate of Oman, catering to the Telecom, Oil and Gas, BFSI (Banking, Financial Services, and Insurance), Energy & Utilities and Public Sector by leveraging Artificial Intelligence, Big Data & Analytics, Cloud and 5G technologies. This is in line with Tech Mahindra’s commitment to invest in upskilling and reskilling the local talent to take on projects in Oman and worldwide. This is the third global innovation centre for the IT services major launched over the last two weeks. Tech Mahindra also inaugurated Maker’s Lab (Centre for R&D) at the centre, focusing on creating IPs, solutions & services. The scrip of Tech Mahindra company was down by 1.50%, on the BSE today.