Shares of Tata Consultancy Services rose 3.5% to 2,149.1 rupees (US$22) in early trading on October 9 after the Indian IT services company reported growth in its overseas business.

TCS said AI-related revenue rose nearly 20% from the previous quarter in July to September, to US$3.1 billion from US$2.6 billion.

The results came as the US government suspended participation in the Permanent Labor Certification program for several IT services firms, including TCS.

The program covers employers sponsoring foreign workers for US green cards, as outlined in an explainer.

TCS’s H-1B visa applications had fallen to about one-third of 2015 levels by 2019, but that historical measure does not show the suspension’s current effect on operations.

More broadly, Indian IT firms have seen clients shift toward AI while facing muted near-term revenue growth.

🔗 Source: Reuters

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