Indian information technology stocks experienced a downturn, influenced by HCLTech’s underwhelming fourth-quarter results. Shares of Infosys and Tech Mahindra dropped by as much as 6%. For HCLTech, net profit increased by 4.2% to Rs 4,488 crore from Rs 4,307 crore a year earlier. Revenue from operations grew 12% to Rs 33,981 crore compared to Rs 30,246 crore in the prior year. The total contract value for fiscal year 2026 stood at $9.3 billion, with $1.94 billion in the fourth quarter.
In contrast, Tech Mahindra reported a 16% year-on-year rise in consolidated net profit to Rs 1,354 crore for the fourth quarter. Revenue from operations increased 13% year-on-year to Rs 15,076 crore. The company announced a dividend of Rs 36 per share.
The Ministry of Electronics and Information Technology stated that online games not involving real money do not require mandatory registration.
In related developments, Zerodha discontinued its Zero1 program for content creators due to ongoing regulatory ambiguities. Regulatory authorities have urged platforms to remove inappropriate content and deceptive trading applications. The Securities and Exchange Board of India directed Google to use artificial intelligence to identify financial influencers evading regulations, with over 1.3 lakh posts already marked for removal.
Startup funding news includes Kabeer Biswas’s concierge service ‘M’ securing Rs 102 crore in a seed round led by Peak XV Partners, which contributed about Rs 46.4 crore. Blume Ventures added Rs 37.1 crore, and Cred invested Rs 18.5 crore. The deal values the company at approximately Rs 300 crore post-investment.
Internationally, SpaceX indicated it holds an option to purchase startup Cursor for $60 billion. Separately, OpenAI is negotiating a commitment of up to $1.5 billion for a private equity partnership, according to reports. This includes an initial $500 million equity investment from OpenAI, valuing DeployCo at around $10 billion, with a target closing in early May. OpenAI may add another $1 billion later. Private equity firms such as TPG, Bain Capital, Advent International, Brookfield, and Goanna Capital are set to contribute about $4 billion, with promised annual returns of 17.5% over five years.
Additionally, OpenAI launched an updated version of ChatGPT Images, featuring enhanced realistic visuals, better text handling, and other improvements.
