IT stocks surge as US judge blocks H-1B visa ban

Oct 5, 2020
Mumbai: IT stocks witnessed a rally on Monday on the back of a recent order by a US federal judge blocking the enforcement of a temporary visa ban by President Donald Trump’s administration on several work permits, including the H-1B visa.

In June, Trump had issued an executive order temporarily barring the issue of new H-1Bs and other foreign visas including H-2B, J and L visas, till the end of the year.

The ban would have severely impacted IT professionals from India, as well as the companies.

In its order last week, the federal judge said that by enforcing the ban, Trump exceeded his constitutional authority and such a change does not serve any public interest.

The IT stocks on the Indian exchanges witnessed a healthy buying on Monday. The S&P BSE IT index rose by 3.30 per cent.

At 12.12 p.m., shares of Tata Consultancy Services on the BSE were trading at Rs 2,672.80, higher by Rs 150.05, or 5.95 per cent from the previous close.

TCS has also announced that its Board of Directors will consider share buyback in its meeting on October 7.

This also has boosted the stock price.

Stock price of Wipro surged 5.67 per cent or Rs 17.75 to Rs 330.75 per share.

Infosys shares were at Rs 1,042.40, higher by Rs 24.70 or 2.43 per cent from the previous close.

Shares of the HCL Technologies were at Rs 824.15, higher by Rs 11.40 or 1.40 per cent.IANS