IT stocks shrug uncertainties over Trump's H1-B curbs
IT stocks ignored US President Elect Donald Trump's warning to tighten visa rules that will impact H1-B visas -- used by Indian IT companies in the US.
A PTI report on Thursday said, “US President-elect Donald Trump's nominee for the post of Attorney General has assured lawmakers of taking steps towards pushing legislative measures to curb misuse of H-1B and L1 work visas significantly used by Indian IT professionals.”
Key IT firms shrugged the uncertainties and were among the top gainers with Infosys taking the lead by trading at Rs 994 per share, up by Rs 24.90 or 2.57%.
This was followed by HCL Technologies at Rs 847.25 per share, up by 1.68%, Tech Mahindra at Rs 481.45 per share, up 1.56%, Wipro at Rs 482.30 per share, up 1.56% and Oracle Financial Service Software at Rs 3184.45 per share, which was up 1.28%.
Other IT majors that rose in a range of 0.30% - 0.90% during day trade were Mindtree (Rs 490.90 per share), KPIT Technologies (Rs 139.50 per share), TCS (Rs 2338.70) and Tata Elxsi (Rs 1404.55 per share).
H1-B visa bill is seen as a drawback for Indian IT companies.
India Ratings on Tuesday said, the new US bill, if passed, will put further pressure on the margins of key Indian IT companies as they generate around 55% - 60% of their revenue from US market.