Three IT stocks to watch out for on May 10

Domestic equity indices Sensex and Nifty are trading flat on Tuesday morning owing to weak global cues.

The benchmark indices Nifty 50 and Sensex are trading flat after plunging heavily in the last trading session. Nifty IT index is at 30,666.70 down by 0.22%, whereas BSE IT is trading at 30,980.42, down by 0.31%. Top gainers in the IT sector today are L&T Technology, TCS, L &T Infotech, Brightcom Group, HCL Information Technologies, and R Systems International.

Keep a close eye on these trending IT stocks on Tuesday, 10 May 2022:

HCL Technologies – IT services major HCL Technologies (HCL), announced it will acquire Bengaluru-based Quest Informatics (Quest), an aftermarket, Industry 4.0, and IoT company, in an all-cash deal worth Rs 15 crore. Quest currently serves more than 40 global leaders in the aftermarket space with its cloud-enabled aftermarket ERP, field services management, and digital parts catalogue product suites. Aftermarket digital spending is one of the fast-growing segments in the transportation and manufacturing industries. The share of HCL Technologies was at Rs 1074.45, down by, 0.12% on the BSE.

Happiest Minds Technologies – IT service provider, Happiest Minds, reported a 44.5% jump in its net profit for Q4FY22, at Rs 52.11 crore. The net sales rose to Rs 300.57 crore, up by 38.18% from the net sales figure of Rs 220.71 crore for the same quarter the last year.

The operating profit was at Rs 81.58 crore, a rise of 39.05% from the operating profit in Q4FY21. The shares of Happiest Minds were at Rs 981, down by 0.21% on the BSE.

 L& T Technology Services - Larsen & Toubro has announced the merger of two of its information technology services subsidiaries — L&T Infotech (LI) and Mindtree. This comes three years after L&T acquired Mindtree in what was then perceived as a hostile takeover.

The combined entity will be known as LTI Mindtree and the merger is expected to be completed in 10-11 months, once regulatory approvals are in place. Once the merger is completed, shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. The new shares of LTI so issued will be traded on the NSE and the BSE. Larsen & Toubro will hold 68.73% of LTI after the merger. The scrip of L&T Infotech was trading Rs 4432, down by 0.39% on the BSE today.

Watch out for the above-mentioned scrips today.