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Sensex, Nifty plummet as H-1B visa fee shock hits IT stocks

Mumbai, Sep 22 (PTI) Benchmark equity indices Sensex and Nifty ended sharply lower on Monday, dragged by IT stocks amid concerns over the US President Donald Trump’s decision to raise H-1B visa fees to USD 1,00,000 per worker. Also, selling in blue-chip Reliance Industries took the markets down. Falling for the second day in a row, the 30-share BSE Sensex dropped 466.26 points or 0.56 per cent to settle at 82,159.97. During the day, it tanked 628.94 points or 0.76 per cent to 81,997.29. The 50-share NSE Nifty declined 124.70 points or 0.49 per cent to 25,202.35. From the Sensex

Akhilesh Yadav questions BJP govt over GST collections

Lucknow, Sep 22 (PTI) Samajwadi Party president Akhilesh Yadav has taken a swipe at the BJP government, asking where the GST collections over the past eight years have gone. The GST Council, comprising Centre and states, has decided to reduce tax rates on goods and services, from September 22 — the first day of Navratri. “The public is asking where the money collected in the name of GST has gone,” Yadav wrote, listing possibilities such as whether the total amount would be delivered in cash to people’s homes like the “UP BJP government’s Mahakumbh model”, adjusted in the next insurance

US H-1B visa clarification eases uncertainty, India’s IT industry body says

Sept 22 (Reuters) – The United States specifying that higher fees for H-1B visa applications will be imposed only on new applications has helped reduce uncertainty, India’s information technology industry body Nasscom said on Monday. Indian and India-centric companies operating in the U.S. have significantly reduced their reliance on H-1B visas, Nasscom said, adding that it expects only a marginal impact for the sector. U.S. President Donald Trump imposed a $100,000 fee for new H-1B visas from Sunday. The White House has clarified that the order applies only to new applicants and not holders of existing visas or those seeking

Rupee falls 5 paise to 88.21 against US dollar in early trade

Mumbai, Sep 22 (PTI) The rupee witnessed range-bound trading in morning deals on Monday and depreciated 5 paise to 88.21 against the US dollar, as the strength of the American currency in the overseas market and a negative trend in domestic equities weighed on investor sentiments. Forex traders said the recent hike in H-1B visa fees to USD 100,000 per year could trigger a sensitivity move in the IT sector, as companies may face margin pressure and reduced remittances due to the potential slowdown in employee deployments to the US. At the interbank foreign exchange market, the rupee opened at

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