IT Stocks Defy Concerns Over US Green Card Restrictions, Jump Over 5% After TCS' Strong Q2 Show
Information technology stocks on Friday surged over 5% after India's biggest software company TCS posted a strong profit in September quarter. TCS shares surged 5.46% while the Nifty IT index surged by 3.39%. Infosys, Wipro and Tech Mahindra are among the top gainers. The gains came despite concerns over US restrictions on employment-based Green Card applications involving major technology…
Information technology stocks surged more than 5% on Friday, defying concerns over US restrictions on employment-based Green Card applications. TCS, India's largest software company, posted a strong profit in the September quarter, leading to a surge in its shares and the broader IT sector. TCS shares jumped 5.46%, while the Nifty IT index climbed 3.39%.
Other top gainers included Infosys, Wipro, and Tech Mahindra. Despite the US government's suspension of several technology companies from its Permanent Labor Certification Program (PERM), TCS maintained that the restrictions would not materially impact its US operations. The company has plans to recruit an additional 15,000 employees in the United States over the next five years.
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