Technology services company shares dipped on Monday after the Trump administration announced it would temporarily suspend expedited applications for H1B visas widely used by foreign tech workers. US shares of Indian IT company Infosys fell 1.2 per cent and Wipro edged down 0.2 per cent after the US Citizenship and Immigration Services (USCIS) said on Friday that it would suspend "premium processing" of the visas for up to six months. New York-based Cognizant Technology Solutions Corp dipped 1.7 per cent. Following President Donald Trump's election in November, Infosys and Wipro sold off due to concerns he would keep promises to crack down on immigrants who he said were taking jobs from US citizens. But the companies' shares have mostly recovered due to growing expectations among investors that any potential change to the H1B visa program would happen via a lengthy legislative process and not through a quick executive order. "The longer time it takes, the longer the regulators and politicians will have to do their homework to understand the impact of their acts," said Wedbush Securities analyst Moshe Katri. Infosys, Wipro and other Indian IT companies serving US corporations are among the largest sponsors for H1B visas, using them to employ programmers and other technology workers. Read full story here: http://www.business-standard.com/ar...on-of-fast-tech-h1b-visas-117030700063_1.html
