TCS, Infosys, Wipro, HCLTech shares gain up to 5% reacting to multiple developments, details here
Indian IT stocks surged following news of US Labor Department restrictions on H-1B visa processing for major tech firms. Despite initial volatility, stocks recovered as companies emphasized their reduced reliance on the visa program and positive market sentiment regarding AI revenue.
Why it matters
Changes in US visa policy directly impact the operational models and stock valuations of major Indian IT service providers.
Shares of Indian IT companies, Infosys Ltd., Wipro Ltd., TCS Ltd., HCLTech Ltd., Persistent Systems Ltd. and other IT stocks surged up to 6% on Friday, October 9, reacting to multiple global and local developments that could trigger a reaction in these stocks today.Shares of TCS are leading the gains on the Nifty IT index, with gains of 6%, the most in a month, while those of Mphasis, LTM, Coforge, Persistent, HCLTech, are trading with gains between 3% to 4%.Why Did Indian IT Stocks Gained Today?The first major development that kept Indian IT stocks in focus was majorly the H-1B developments that took place on Thursday evening.The US Labor Department on Thursday announced that it will be suspending Microsoft and Adobe from the Permanent Labor Certification Program.
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