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Nifty IT Index Witnessed a Freefall Possible H1-B Programme Changes

Dynamic Equities Pvt Ltd | 09 Jan, 2017  | Follow Author | Add to my Favourites 
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Nifty It Index witnessed a freefall in Friday’s (6th January 2017) as a result of the re-introduction of a bill backing key changes in the H1-B programme. H1-B programme allows the skilled workers from countries like India to fill high-tech jobs in the US.


Nifty It Index saw a dip of 2.79 per cent yesterday, which was at par with its weekly fall of 2.78 per cent. Since the Union Budget of 2016 IT Index has dropped 3.37 per cent.


Major Indian IT companies were affected by this news too.

 

The 'Protect and Grow American Jobs Act' was re-introduced on Wednesday, 4th January 2017, by long-time Republican Congressman Darrell Issa. The bill proposes important changes to the eligibility requirements for H1-B Visa exemptions. The bill also received the backing of fellow Congressman Scott Peters.


Among other things, the bill increases the minimum salary of H-1B visa holders to US$ 100,000 per annum. It also eliminates the Masters Degree exemption. For many young Indians this visa is the passport to success in life as it inevitably leads to a Green Card for them.


But according to Congressman Issa, in order for America to lead again, the country needs to ensure that it can retain the world's best and brightest talent. At the same time, it also needs to make sure programs are not abused to allow companies to outsource and hire cheap foreign labor from abroad to replace the American workers.


What does this mean for Indian IT Companies?


The tightening of H1-B visa regulations as well as other administrative measures may trigger panic in the Indian IT sector which also hosts a wide variety of outsourced back-end jobs. This nervousness was earlier reflected in the shares of IT companies at the Indian Stocks Exchanges following the news of reintroduction of the legislation regulating H1B visas. Stocks of Indian IT corporate like Infosys, TCS and HCL Tech fell one to two per cent.

 


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About Dynamic Equities Pvt Ltd

Dynamic Equities Pvt. Ltd. is a a SEBI Registered Investment Advisor and Stock Broker, a leading financial services provider, and one of the major players in the Equity markets in India. With an experience of over 15+ years in Stock Markets and Equity Research, they provide daily updated Support & Resistance of 4200 instruments across 93 exchanges and 56 countries globally. They have an in-house team of over 25 analysts. Under the guidance and mentorship of Mr. Shailesh Saraf, MD of Dynamic Equities Pvt. Ltd., these analysts are dedicately involved in guiding their clients and users of the website www.dynamiclevels.com for trading in the market. Mr. Shailesh Saraf has an experience of over 24 years in the financial market, especially in capital & derivatives market operations, trading, research and management related areas. Dynamic Levels is a website owned by Dynamic Equities Pvt. Ltd. The website can be reached at www.dynamiclevels.com.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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