Three IT stocks to watch out for on May 17

The benchmark indices Nifty 50 and Sensex are trading marginally higher, as all the domestic investors are looking at the listing of LIC India.

The Sensex is trading at 53,596.11, up by 1.17%, and the Nifty 50 was trading at 16,043.25 up by 1.27%. Nifty IT index is at 29,630.40, up by 0.77%, whereas BSE IT is trading at 29,978.20 up by 0.62%. Top gainers in the IT sector today are L&T Technology, Mphasis, L&T Infotech, Mindtree, HCL Technologies, Ramco Systems, HCL Info, Intellect Design Arena, and Datamatics Global Services.

Keep a close eye on these trending IT stocks on Tuesday, 17 May 2022:

Tata Consultancy Services - TCS has announced that its award-winning TCS BaNCS™ Cloud product suite spanning banking, capital markets and insurance, is now available on Google Cloud. Powered by Google Cloud’s cutting-edge technology, TCS BaNCS will enable financial services firms with cloud-native capabilities to accelerate digitization and drive their growth and transformation. The share of TCS was at Rs 3404.75, up by 0.83% on the BSE.

Mindtree Limited – Mindtree and Finastra, a leading financial technology provider, have announced a partnership to bring Finastra’s Fusion Payments To Go payments technology to banks in the Nordics, the UK and Ireland, as a managed service. As part of the partnership, Mindtree will host Finastra’s proven payments solution in the cloud and handle the integration of the technology across the rest of the banks’ existing solutions, minimizing risk and boosting efficiency for users. The shares of Mindtree were trading higher by 2.26%, on the BSE.

Infibeam Avenues Limited: The company reported an increase of 83.56% in their net sales for the fourth quarter, which ended on March 31, 2022. The net sales stood at Rs 369.49 crore compared to Rs 201.29 crore reported in Q4FY21. The operating profit was at Rs 47.11 crore, an increase of 19.96% from the last quarter for FY21. The net profit reduced and was at Rs 30.39 crore compared to the net profit of Rs 32.81 crore in Q4FY21, a decrease of 7.38%. The scrip of IT company was up by 1.28%, on the BSE today.

Watch out for the above-mentioned scrips today.