IT stocks in focus: US PERM visa curb, OpenAI revenue setback, TCS Q2; 3 factors to watch
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The US administration suspended major firms like TCS, Infosys, and Wipro from the PERM programme on October 8.
- ✓This move impacts green card processes for Indian IT companies.
- ✓TCS said, “We have noted the announcement by the US Government on the Permanent Labor Certification Program and TCS will comply.”
Story at a Glance
- Category
- MARKET
- Reported By
- Financial Express
- Reading Speed
- 6 Minute(s)
- Market Focus
- India Economy
The US administration has suspended several technology companies, including Infosys, TCS, Wipro, HCL Technologies and Cognizant, from the Permanent Labour Certification Programme (PERM), a key step in the US employment-based green card process. The action raises fresh questions about the operating environment for Indian IT services companies with significant US operations.
Separately, a report that OpenAI’s annualised revenue was approaching $50 billion at the end of September, below the previously reported figure of nearly $70 billion, has raised concerns about the commercial returns from artificial intelligence (AI). TCS’ latest results provide another measure of technology spending, with the company reporting modest sequential revenue growth alongside sizeable contract wins.
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