The business wrap: US accuses top Indian IT firms of misusing H-1B system, and six other top stories
Other headlines: Global cues helped Indian markets stabilise, and the Bombay High Court warned taxi associations against blocking Uber’s services.
A look at the headlines in the sector right now:
- TCS, Cognizant and Infosys misuse lottery system to generate maximum H-1B visas, says US official: A White House press briefing explained the rationale behind Trump’s ‘Buy American, Hire American’ order.
- Sensex climbs 290 points, Nifty reclaims 9,200 mark: HDFC Bank was among the top gainers in both indices, but IT stocks fell as concerns over the US administration’s H-1B visa policy continue to grow.
- Cannot stop Uber cabs from plying, Bombay High Court tells taxi associations: The court was hearing a petition filed by the cab hailing service, seeking Rs 12-crore compensation for damages.
- 38 Indians detained in United Kingdom’s Leicester for overstaying their visas, working illegally: The men and women were working in two cloth factories in the East Midlands city.
- Armed forces’ canteen department suspends Ramdev’s Patanjali amla juice after it fails quality test: The department has asked its outlets to prepare debit notes of their existing stock which will be returned.
- Reliance Communications shareholders clear merger with Aircel: The company had announced its decision to absorb its rival in March last year.
- Centre to increase access to Johnson & Johnson’s tuberculosis drug: The government-run TB division said bedaquiline would be available at 140 of its centres.
