5 IT stocks to watch out for on July 21

The harbingers of the Q1 results for the financial year 2023 , the Information Technology (IT) companies keeping the market abuzz. Yesterday’s top gaining sector- S&P BSE IT opened 55391.93 below 5.6 points on July 21.

Let us see which stocks in the IT sector investors should keep an eye on.

Mastek Ltd: The Digital Engineering & Cloud Transformation company announced its financial results for the first quarter of FY23 on July 20. Revenue grew to Rs 570.3 crore which was up by 10.4% YoY and 12 months order backlog grew by 28.2% YoY and stood at Rs 1,509.3 crore.The company added 33 new clients in the quarter and acquired MST Solutions, a leader in Salesforce ecosystem. At 11.00 am shares of Mastek were quoting Rs  2058.25 per share with a loss of 0.97% over its previous close.

Wipro Ltd announced financial results for the quarter ended June 30, 2022, on July 20 . Gross Revenue was Rs 21528.6 crore showing an increase of 17.9% YoY. PAT, however declined by 20.9% YoY at Rs 2563 crore as employee costs escalates during the quarter. For Q2, the company has guided a growth of 3% to 5% from Q1 in the revenue from IT services business. In the morning session, the shares of Wipro were trading at Rs 412.70, a gain of 0.15% over its previous close.

Sasken Technologies also reported its Q1 financial results which showed degrowth on revenue as well as profitability. Consolidated revenue was reported at Rs 101.32 crore which was down by 7.7% YoY and PAT stood at Rs 15.23 crore which down by 55.2% compared to same quarter last year.

In the morning session, the shares of Sasken Technologies are trading at Rs 793 a loss of 5.82% over its previous close.

Newgen Software Technologies Ltd posted an 11% decline in consolidated profit to Rs 19.17 crore in Q1 FY23 while Revenue from operations witnessed a growth of 18% Q1 YoY at Rs 187.89 crore. The business of software product development company attributed this to seasonal nature of the company's business, the first quarter is a lean period for it.

At 11.30 am, the shares of United Breweries are quoting at Rs 365.50, down by 1.61% or Rs 5.85 per share.

Larsen & Toubro Infotech Ltd ( LTI) has won the ‘Supplier of the Year’ award at the Honda Indirect Procurement Supplier Conference in Dublin, OH. LTI has also won the ‘Challenging Spirit’ award for the third year in a row, a title that recognizes commitment to Honda’s core value of embracing a challenging spirit ‘above and beyond’ expectations to ensure the success and/or delivery of a service, product, or a project. 

At 11.30 am, the shares of LTI were quoting at Rs ­­­­­­­­­­­­­­­­­­­4518.80, up by 1.70% or Rs 75.40 per share.