In an annual filing with the US Securities Exchange Commission, IT giant Infosys expressed its concern over increasing wage costs of the company in the US and other developed markets as the company raised its local hiring.
The company stated in its filing that imposition of restrictions on the use of certain visas will “restrict offshore outsourcing or impose new standards”, thus disrupting the business.
Restriction on H1B visa, the imposition of taxes on companies that operate offshore, hike in minimum wages and a costlier visa fee is expected to impact the IT industries significantly.
Post Trump administration’s imposition of restriction on visas, Europe and Australia are following suit with Europe imposing new regulations that discourage companies from outsourcing work, while the Australian government has also proposed a replacement of 457 visa programme with more restrictive visa norms.
Stock View :
Infosys Ltd is currently trading at Rs 959.65, down by Rs 4.15 or 0.43% from its previous closing of Rs 963.8 on the BSE.
The scrip opened at Rs 959.7 and has touched a high and low of Rs 963 and Rs 952.35 respectively. So far 1773720(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 221379.53 crore.
The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 1215 on 21-Jun-2016 and a 52 week low of Rs 900.3 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 988.7 and Rs 923.05 respectively.
The promoters holding in the company stood at 12.75 % while Institutions and Non-Institutions held 58.62 % and 28.14 % respectively.
The stock is currently trading above its 200 DMA.
No comments:
Post a Comment