Indian IT stocks cheered TCS's strong Q2 earnings report instead of reacting to the US government's suspension of the Permanent Labour Certification (PERM) programme for several IT companies. All IT stocks from the Nifty IT index, including TCS, Infosys, Wipro, and Tech Mahindra, were trading up to 6 per cent as the index was up 941 points or 3.39 per cent at 28,677 as compared to the last closing of 27,736.60 at around 10:39 AM.

IT Stocks Today 

TCS Share Price: The shares of Tata Consultancy Services, India's biggest IT company, were trading at 2,192, up 5.59 per cent or Rs 116. 

Infosys Share Price: The shares of Infosys were trading 3.08 per cent or Rs 30.75 higher to 1,027.75. 

Wipro Share Price: The IT stock was trading at Rs 164.15, up 3.64 per cent or Rs 5.77. 

Tech Mahindra Share Price: The stock of Tech Mahindra was trading at 1,528.70, up 2.17 per cent or Rs 32.50.  

Other IT Stocks:  LTM was up 3.6 per cent, and HCL Tech's shares were trading 2% higher. Meanwhile, IT stocks like Coforge and Persistent were high as well. 

Also Read: Sensex Up 500 Points, Nifty Climbs Above 22,380: 3 Factors Behind Sharp Rebound In Stock Market

TCS Q2 Earnings Report 

TCS reported a robust 15 per cent jump in net profit to Rs 13,884 crore for the September quarter from Rs 12,075 crore in the same quarter a year-ago period. Meanwhile, the firm posted a profit of Rs 13,349 crore in the preceding quarter.

According to an announcement through an exchange filing, the company posted an 11.2 per cent jump in revenue from operations at Rs 73,188 crore in the July-September quarter, as compared to Rs 65,799 crore in the year-ago period. In the June quarter, the revenue was Rs 72,275 crore.

US Government Suspended PERM 

US government on Thursday suspended Microsoft and several other IT companies, including Cognizant, Infosys, Tata Consultancy Services (TCS), Wipro, Capgemini and HCL, from the PERM programme on Thursday, citing alleged fraud. The announcement was made by US Labour Secretary Keith Sonderling, with Vice President JD Vance, the head of the US Anti-Fraud Task Force, by his side.

Indian Firms Deny Any Impact 

However, India's leading IT services company TCS denied any impact of the suspension of the Permanent Labour Certification (PERM) programme, asserting that the move is unlikely to affect its hiring plans or customer engagements in the country.

TCS said that it will comply with any guidelines issued by the US Department of Labour. The company informed that its US workforce strategy will focus on hiring local talent, supported by campus recruitment. TCS currently operates 31 offices and delivery centres in the US and plans to hire 15,000 more people in the next five years, the statement said, the IT firm said in a statement. 

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.