TCS Shares Jump 3.41%, HCL Tech Rises 2.80%, Tech Mahindra Gains 2.59%, Infosys Up 2.29% and Wipro Climbs 2.22% Despite US Visa Concerns — Explained

The US suspended Microsoft, Adobe, and other IT firms from a key green-card program, citing alleged abuse. Vice President Vance accused Microsoft of laying off US workers while hiring foreign labor. The suspension also covers Cognizant, Infosys, and others. Additionally, the administration is probing nine universities, including Harvard and Yale, for potential visa misuse. Microsoft and others deny wrongdoing.

TCS shares rose 5.2% after reporting a 20% increase in annualized AI revenue to $3.1B for Q2, despite sluggish overall growth. Other Indian IT stocks like Wipro, Infosys, and HCL Tech also gained. TCS's total contract value was $9.6B, down from $10B a year earlier.

Indian stock markets recovered on October 9, 2026, with Sensex and Nifty rising 0.59% and 0.65% respectively, driven by gains in IT stocks like TCS. TCS reported a 15% YoY net profit increase to ₹13,884 crore and 11.22% revenue growth to ₹73,188 crore, boosting its shares by 3.5%. Other IT stocks also gained, with the Nifty IT index up 2-2.9%. The rally follows a sharp sell-off on October 8, but risks include high oil prices and foreign investor outflows.

The US suspended Microsoft, Adobe, and major Indian IT firms from a green-card program, alleging abuse. Microsoft was accused of hiring foreign workers while laying off Americans. The Labor Department also opened probes into top universities, including Harvard and Yale, for alleged visa misuse. Microsoft denied wrongdoing, stating it pays H-1B employees equally. The suspensions may impact hiring practices and visa policies.

The US Labor Department suspended eight tech firms, including TCS, Infosys, Wipro, HCLTech, and Cognizant, from the PERM program, barring them from filing or processing green card applications. The move follows accusations of prioritizing foreign workers over Americans. The companies have collectively requested nearly 3 million foreign workers since 2009, according to the Labor Department.

The Trump administration suspended Microsoft and other tech firms from a US green card program, alleging fraud and misuse of foreign worker visas. Vice President JD Vance accused Microsoft of replacing American workers, a claim the company denies, stating 80% of its H-1B applications were for existing employees. Other suspended companies include Adobe, Cognizant, Infosys, Tata, Wipro, HCL, and Capgemini.