Infosys, TCS, HCL Tech Share Price: IT Stocks Jump On India-US Trade Deal Optimism

Shares of Indian IT companies like Infosys, Tata Consultancy Services (TCS), and HCL Technologies jumped in early trade on October 23 as rising optimism around India-US trade deal boosted investor sentiment across the technology pack.

Leading the rally, Infosys shares surged as much as 4.85 per cent to an intraday high of Rs 1,543.90 on the NSE, while HCL Technologies rose 3.93 per cent to Rs 1,544.40. Tata Consultancy Services (TCS) gained nearly 3 per cent to Rs 3,098 per share. Among other major names, Tech Mahindra and Wipro advanced between 2 per cent and 3 per cent.

Midcap IT stocks like Coforge, Persistent Systems, LTIMindtree, and Mphasis, too, traded higher.

The Nifty IT index climbed 3.22 per cent to hit a day’s high of 36,440.70, one of its strongest single-day gains in recent months. This is also the third consecutive session of gains for the sectoral index, which has now advanced over 8 per cent so far in October.

India, US In Advanced Talks

India and the US are in advanced talks on a trade deal that could cut tariffs on Indian exports from 50 per cent to around 15-16 per cent, according to a report by Mint.

Currently, Indian exports face a punitive 25 per cent tariff for importing oil from Russia, on top of the 25 per cent reciprocal tariffs announced by the US in April.

The talks may also involve India agreeing to gradually reduce Russian oil imports. As of October 2025, India imported approximately 1.7 million barrels per day (bpd) of crude oil from Russia during the first nine months of the year, accounting for about 36 per cent of its total crude oil imports, according to data from trade analytics firm Kpler.

US Clarification On H-1B Visa Norms

The recent rally in Indian IT stocks is also being driven by the US government’s fresh H-1B visa clarification, which is being seen as major relief to thousands of Indian IT professionals.

Earlier, on September 19, US President Donald Trump had signed a proclamation imposing a $100,000 fee on H-1B visas. Hours later, the administration clarified that the new fee would only apply to new applications and would be a one-time charge. 

In a fresh update issued on October 20, the The US Citizenship and Immigration Services (USCIS) stated that the new fee will not apply to applicants seeking a “change of status” or “extension of stay.” 

“The proclamation also does not apply to a petition filed at or after 12:01 a.m. eastern daylight time on September 21, 2025, that is requesting an amendment, change of status, or extension of stay for an alien inside the United States where the alien is granted such amendment, change, or extension. However, if the USCIS determines that person is ineligible for a change of status or an amendment or extension of stay, then the fee would apply,” the US agency said. 

Infosys Share Price Rallies After Promoters Opt Out Of Share Buyback

Infosys shares are also trading higher after its promoters and promoter group, including cofounders Narayan Murthy, Nandan Nilekani, and Sudha Murty, declared their intention not to participate in the company’s ongoing share buyback, according to a stock exchange filing. 

The filing showed that the promoters currently hold a 13.05 per cent stake in Infosys. If the buyback is fully subscribed, their holding would rise marginally to 13.37 per cent, while public shareholding would decline slightly from 86.95 per cent to 86.63 per cent. The company noted that this change could affect the voting rights of the promoters and their group. 

Infosys Share BuyBack

Infosys’ board had approved the buyback on September 11, 2025, to buyback 100 million fully paid-up shares, representing 2.41 per cent of the company’s total share capital. The move is part of the company’s capital allocation strategy to return surplus funds to shareholders after meeting operational and strategic cash requirements.

The buyback shares are priced at Rs 1,800 per share, a 19 per cent premium over the market price at the time of announcement.