Infosys, TCS drop on U.S. visa reports
REUTERS - India's technology outsourcing companies fell on Thursday on local media reports the United States had raised the cost of processing H-1B employment visas.
The higher costs could hit profit margins at India's $100 billion technology and business process outsourcing industry, which employs 107,000 people in the United States, of which near a third are Americans.
Indian companies also send local employees to United States, typically through the H-1B visas.
Infosys (INFY.NS) and Tata Consultancy Services (TCS.NS) each fell 1.6 percent.
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article