Infy, TCS shares rebound on no H-1B fee hike
Technology outsourcing stocks recovered from steep losses in the previous session after the US Consulate in Chennai denied local market reports of a hike in the cost of H-1B visa fees, which traders had feared was intended to target Indian companies.
"That is untrue. They have the same fees. There are no plans to change those fees," US Consular Chief Nick Manring was quoted as saying in a news conference on March 29, according to an announcement in the Chennai consulate Web site.
India's $100 billion technology and business process outsourcing industry employs 107,000 people in the United States, many of whom are believed to be foreign citizens working under the H-1B temporary employment visas.
Infosys rose 2.5% after falling 1.8% on Thursday, while Tata Consultancy gained 1.7%.