Immigration bill to impact Indian, US cos: TCS
Mumbai: Software major Tata Consultancy Services (TCS), Friday said the comprehensive immigration bill passed by the US Senate will have a bearing not only on domestic companies but would also impact the US firms.
"The comprehensive immigration bill will not only impact companies like us, but all US companies (will also be impacted)," TCS Managing Director and Chief Executive N Chandrasekaran told reporters on the sidelines of company's annual general meeting here.
He, however, said TCS is carefully observing the development, adding that "The bill has to go through multiple stages, further process is lengthy and it has passed through only the first stage".
The US Senate yesterday passed the landmark comprehensive immigration reform bill that will provide a pathway to citizenship to some 11 million illegal immigrants, including over 240,000 Indians, but it retained killer provisions when it comes to H-1B Visas that would badly hit Indian companies in the US.
Commenting on sharp fall in rupee, Chandrasekaran said, "It will have positive impact on TCS in this quarter."
While elaborating the hedging strategy, he said, "We have risk management committee which meets frequently and reviews".
Earlier, addressing shareholders as the Chairman for the first time, Cyrus Mistry said that despite volatile economic environment, the global markets offer substantial opportunities.
The company remains confident that the FY 14 will bring greater opportunities as it continues to identify new growth engines and invest ahead of the curve in products, platforms and intellectual property that is of relevance to customer and their business growth, Mistry said.