From The Economic Times · Akash Podishetti · · 1m
Infosys Wipro ADRs Drop 3% Post TCS Earnings
Infosys and Wipro ADRs fall nearly 3% after TCS earnings and US immigration crackdown.
In brief
Infosys and Wipro ADRs fall nearly 3% after TCS earnings and US immigration crackdown. Infosys and Wipro ADRs dropped 2.8% and 2.5% respectively following TCS's September earnings and new US restrictions on H-1B-linked green cards. Originally reported by The Economic Times.
Infosys and Wipro ADRs decline
American Depository Receipts of Infosys and Wipro fell nearly 3% in US trading on Thursday.
TCS reports strong earnings
Tata Consultancy Services reported a 15% year-on-year rise in net profit to Rs 13,884 crore for September quarter.
US suspends tech firms from PERM
US government suspended Microsoft, Adobe, and Indian IT firms from Permanent Labour Certification programme.
H-1B green card concerns
US crackdown on H-1B-linked green cards raises fears for Indian IT companies reliant on US market.
TCS shows AI growth
TCS reported $3.1 billion annualised AI revenue, crossing 10% of total revenue.
US immigration policy shift
US administration tightens scrutiny of foreign worker immigration programmes to prioritize American employment.
The short version
Infosys and Wipro ADRs dropped 2.8% and 2.5% respectively following TCS's September earnings and new US restrictions on H-1B-linked green cards.
