How this IT midcap outperformed peers in a brutal year for tech stocks

Strong demand for niche design services used in making electric vehicles has helped one Indian technology company’s stock surge by more than a third this year, even as inflation concerns have battered the sector globally.

Shares of Tata Elxsi Ltd NSE -0.15 %. have jumped 37% in 2022, topping a gauge of Indian tech firms that has shed 28% with all but two stocks in the red. The company’s sales and profits have climbed on large deals for cloud-based platforms and artificial intelligence used to improve products and customer experience.