IT stocks cheer as Trump softens stance on immigration in speech to Congress
NEW DELHI: Shares of information technology (IT) companies were trading higher in early trade on Wednesday after the US President Donald Trump’s first speech to US congress was seen more restrained than the harsh rhetoric seen during his pre-election speeches. The BSE IT index was trading 0.68 per cent up at 10,447 around 10.10 am (IST).
The US President took softened his stance on immigration a bit and there were no negative talks of emerging economies including India. The speech did not have any comment on visa issues that may hit domestic IT firms. Instead the US President said the US immigration should be based on a merit-based system, rather than relying on lower-skilled immigrants.
Trump also said a broad immigration reform plan was possible if both Republicans and Democrats in Congress were willing to compromise.
IT major Infosys surged as much as 1.35 per cent in early trade. The scrip was trading 0.63 per cent up at Rs 1018.65 around the same time. Tata Consultancy Services was also trading higher by 1.03 per cent in the morning trade.
However, Tech Mahindra and Wipro were down by 0.12 per cent and 0.14 per cent around the same time.
Majesco was trading 8.36 per cent up at Rs 371.95 in morning trade. The company on Tuesday announced the launch of two new solutions, Majesco Enterprise Data Model and Majesco Enterprise Data Warehouse. These solutions along with Majesco Data Services and Majesco Business Analytics, provide a framework and assets to create a path for insurers to accelerate their data mastery maturity to achieve business differentiation and optimisation through data.
Benchmark BSE Sensex was trading 213.30 points, or 0.74 per cent, up at 28,956.62.
The US President took softened his stance on immigration a bit and there were no negative talks of emerging economies including India. The speech did not have any comment on visa issues that may hit domestic IT firms. Instead the US President said the US immigration should be based on a merit-based system, rather than relying on lower-skilled immigrants.
Trump also said a broad immigration reform plan was possible if both Republicans and Democrats in Congress were willing to compromise.
IT major Infosys surged as much as 1.35 per cent in early trade. The scrip was trading 0.63 per cent up at Rs 1018.65 around the same time. Tata Consultancy Services was also trading higher by 1.03 per cent in the morning trade.
However, Tech Mahindra and Wipro were down by 0.12 per cent and 0.14 per cent around the same time.
Majesco was trading 8.36 per cent up at Rs 371.95 in morning trade. The company on Tuesday announced the launch of two new solutions, Majesco Enterprise Data Model and Majesco Enterprise Data Warehouse. These solutions along with Majesco Data Services and Majesco Business Analytics, provide a framework and assets to create a path for insurers to accelerate their data mastery maturity to achieve business differentiation and optimisation through data.
Benchmark BSE Sensex was trading 213.30 points, or 0.74 per cent, up at 28,956.62.
