Three IT stocks to watch out for today!

In the morning trade, the BSE IT index increased 0.24% to 28,877.93 points, while in the last five sessions the index has gained 1.42%.

Keep a close eye on these trending IT stocks on Tuesday, 25 October 2022: 

Infosys - The company announced that it would be extending its Living Labs ecosystem to help Australian start-ups to advance their go-to-market. The launch event was hosted in the Infosys Living Lab in Melbourne in collaboration with its partner Telstra Ventures, a venture capital firm with over USD 1.3 billion in assets under management that invests in market-leading, high-growth technology companies globally.  

Infosys Living Labs in Melbourne and Sydney provide digital innovation as a service to participating startups with a presence in Australia. These start-ups are able to leverage Infosys’ global on-demand multi-tiered digital ecosystem comprised of the latest technologies, solution accelerators and domain experts, to co-create, test and accelerate their time to market.

Tech Mahindra - The company has entered into a share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited. The acquisition would enable the company to procure 1.5 MW of solar energy for its captive consumption at its facilities located in Noida, Uttar Pradesh.

The company has said in a press release filed with the exchange, "While we have installed rooftop solar plants at all our owned campuses, we also plan to procure Renewable Energy (RE) through captive projects at all our owned campuses. Captive or Group captive projects are projects set up by a developer with a minimum equity contribution of 26% from interested consumers (viz. Tech Mahindra) and the RE generated from such projects is consumed by Tech Mahindra as per government norms."  

Vakrangee - The company has announced its unaudited financial results for the quarter that ended September 30, 2022. Their revenue from operations stood at Rs 234.07 crore in Q2FY23, increased by 12.98% on a YoY basis and 3.56% on QoQ basis due to an increase in the number of outlets as well as services becoming normalized and operational. PAT stood at Rs 4.82 crore in Q2FY23, which increased by 6.40% on a QoQ basis.

However, near-term profitability has been impacted as we are re-investing our operational cash flows for enhancing franchisee incentives. Profit Margins have bottomed out and are improving on a QoQ basis. The company is confident to deliver improved profitability & sustainable growth in the subsequent quarters.