Infosys, TCS, HCL Tech share prices fall as Donald Trump announces immigration suspension

Infosys, TCS (Tata Consultancy Services), HCL Tech shares, along with other information technology stocks, fell up to 6 per cent in Tuesday’s trade after US President Donald Trump announced a temporary suspension of immigration into the country. Out of the 10 IT stocks in Nifty IT index, 9 scrips were down in the range of 2 -6 per cent in the intra-day trade with Just Dial shares falling the most, down 6.3 per cent. Nifty IT index was also down 2.74 per cent or 352 points compared to 2.68 per cent decline in the benchmark Nifty 50 index.

Among individual stocks, Infosys shares were down 2 per cent, TCS 3.77 per cent, Wipro 2.02 per cent, Tech Mahindra 2 per cent, MindTree 4.67 per cent. “In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!,” the US President wrote in a tweet.

IT major Infosys posted a 6.10 per cent on-year rise in consolidated profit at Rs 4,321 crore for the quarter ended on March 31 compared with Rs 4,074 crore in the corresponding quarter last year. The stock hit an intraday low of Rs 627.80 and high of Rs 646.50 today. The company also announced a final dividend of Rs 9.50 per share. Infosys announced that it will stop hiring, freeze salary hikes, and suspend promotions, but there will be no layoffs amid coronavirus. 

After fourth-quarter earning, research and brokerage firm Motilal Oswal is bullish on Infosys stock with a target price of Rs 775, an upside of 21 per cent. Another brokerage firm HDFC Securities has revised the target price of Infosys to Rs 680 from Rs 670 previously.

Last week, TCS and Wipro also announced March quarter earnings. TCS posted a net profit of Rs 8,049 crore in the fourth quarter of the financial year 2019-20, as against a profit of Rs 8,126 crore in the corresponding quarter of  last year. Similarly, Wipro reported a 6 per cent drop in quarterly profits to Rs 2,345 crore, while revenues increased 4.7 per cent to Rs 15,711 crore over the year-ago period. The company skipped its revenue guidance for the first time in two decades due to coronavirus-led economic uncertainty.

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