The bill has provisions that could benefit thousands of Indians in the US and many who are waiting to get their green cards.
According to Gabbard, some large corporations in India have already very successfully branched out in many instances to other parts of the world and are constantly looking for opportunities specifically in the United States.
The EU Data Protection Directive governs trans-border data flows and lays down conditions for transferring of personal data of EU citizens outside the region.
Nasscom President Som Mittal said Indian government and businesses have been engaging with their US counterparts at all possible forums to convey their concerns.
Prime Minister Manmohan Singh will meet US President Barack Obama in Washington on Friday, September 27. On the agenda are various things like the civilian nuclear deal, the US Immigration bill and more measures to improve trade relations between the two countries.
CLSA says that earnings per share upgrade of 8-12 percent is likely on weaker rupee and expects clarity on US Immigration Bill in two months.
The House of Representatives‘ version of US Immigration Bill will allay concerns of India IT sector and is most likely to not support outplacement clause.
IT major Infosys on Friday said that it was in talks with clients for a contingency plan to ensure that the business was continued on the back of the US immigration bill becoming a law.
MD and CEO Shibulal is cautiously optimistic for rest of the year. All eyes will be on Narayan Murthy‘s return and commentary from him.
Zensar's Ganesh Natarajan does not see any problems in markets like America, Europe and UK and is therefore, optimistic about FY14 prospects. For FY14, he predicts IT sector's growth at 10-14 percent on constant currency basis.
Market experts advise investors, on CNBC-TV18, to maintain long positions and bet on auto major Mahindra & Mahindra and Zee Entertainment.
Analysts estimate that if the bill is passed in the current version, it could hit earnings per share of the top five firms by 12-25 percent.
The clauses in the recently passed immigration bill by the US Senate can be very damaging for the overseas Indian IT sector. He added that the clause of salary rises for H1-B can have a significant damage on these stocks.
The US Senate approved the immigration bill on Thursday that would give a chance for many immigrants to become American citizens. The bill was passed by a vote of 68-32.
CNBC-TV18‘s Shreya Roy reports that Indian IT companies and economists are starting to fret as the US Senate clears Immigration Bill. However, IT body Nasscom adds that that process for the Bill to become law is a long process and there a several venues for intervention.
With the US immigration bill having cleared the senate hurdle with an overwhelming majority, Ganesh Natarajan, CEO of Zensar Technologies says his main concern regarding the bill is the rising costs of doing business, followed by the difficulty to place people on projects.
HR executives from tech companies in the US like Adobe, Broadcom, Intel, Motorola Solutions have started lobbying in support of a comprehensive immigration reform bill.
The mutual fund investments in software stocks fell to Rs 16,557 crore in April. The April figure also marks the first monthly decline in mutual funds allocation to the software stocks since the beginning of calendar year 2013.
Ashwin Mehta, information technology (IT) analyst with Nomura India talks about the possible impact on companies in the the Indian IT sector due to the clauses in the US immigration bill.
Tushar Pradhan, CIO, HSBC AMC believes that global fund flows are the main reason for the rally in Indian market and expects India to be on investors‘ radar if global fund flows continue.
CNBC-TV18's Shreya Roy reports that the amendments on the Immigration Bill in US Senate may adversely affect the Indian IT sector.
A correction was always expected but the quantum of today's fall was a bit of surprise, says Udayan Mukherjee, managing editor of CNBC-TV18.
An overhaul of US immigration law will close loopholes that allow outsourcing companies to pay guest workers in the US at rates below wages for equivalently-skilled Americans.
Country's largest software exporter Tata Consultancy Services (TCS) today said the proposed US Immigration Bill offers both opportunities as well challenges, but stated it is too early to arrive at a conclusion.