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TCS Q4 drags down IT stocks; Swiggy cofounder exits
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Shares of IT companies declined on Friday as TCS earnings failed to lift investor sentiment. This and more in today’s ETtech Top 5.
Also in the letter:
■ ED pulled up in Winzo case
■ Anthropic’s Mythos raises eyebrows
■ Albinder Dhindsa turns author
Infosys, HCLTech and other IT majors slid as much as 3% on Friday even as the broader market remained upbeat. The Nifty IT index still sank over 2% just a day after TCS dropped its fourth-quarter numbers, halting the sector’s recent momentum.
Mixed reactions: Brokerage firm Jefferies maintained its Underperform stance on TCS, stating there was “nothing to cheer” and highlighting limited signs of a demand revival. Conversely, Nomura and Nuvama, stayed in the bull camp and hiked their target prices.
Source: Google
AI overhang: The sell-off also comes with a fresh wave of AI jitters. A flurry of new models and agentic tools is reviving worries that software and services players may be forced to trim headcount and rethink their business models over time.
TCS Q4: TCS reported a 12% year-on-year rise in consolidated net profit to Rs 13,718 crore and a 10% rise in revenue from operations to Rs 70,698 crore. It also declared a final dividend of Rs 31 per share.
Also Read: TCS rides AI demand; mega deals power Q4 results
Bhavish Aggarwal, founder, Ola Electric
Meanwhile, Bhavish Aggarwal’s Ola Electric finally has something to celebrate after months of pain on the bourses. A stock that was in the news only for fresh lows has rocketed as much as 35% in just three sessions.
What’s behind the rise: Ola said its in-house Lithium Iron Phosphate battery cell is now production-ready – a key step that could help pull down vehicle costs and power its vision of a fully integrated energy and EV ecosystem. It also bagged PLI certification for the Roadster X+ 4.5 kWh variant, shoring up its claim to incentives.
Demand recovers: March brought a sharp snapback in demand, with daily orders crossing 1,000 units in the final week and registrations jumping more than 150% month on month to 10,117 units, Ola Electric said in a filing.
Source: Google
Swiggy cofounder and head of innovation Nandan Reddy is stepping down from his executive role and exiting the board, the company said in a filing.
Yes, and: Cofounder and chief growth officer Phani Kishan and CFO Rahul Bothra will join the board, while Prosus Ventures’ Renan De Castro Alves Pinto will come in as a nominee director.
Reddy’s exit: Reddy, who started Swiggy with group CEO Sriharsha Majety and Rahul Jaimini, said he is leaving to build his next venture. In an email to employees, he wrote that he wants to spend time on areas he is deeply curious and passionate about.
“I believe we are laying the early foundations of a massive new consumer category, one that unlocks a new dimension of convenience for our customers. Rohit Kapoor will be taking over from me, and I can’t wait to see how big the service becomes under his mentorship,” he wrote.
At Swiggy: Reddy has been leading Swiggy’s concierge app Crew, which food marketplace CEO Rohit Kapoor will now head.
Also Read: Swiggy’s investor relations head Abhishek Agarwal quits
Saumya Singh Rathore and Paavan Singh, cofounders, Winzo
The Karnataka High Court has warned the Enforcement Directorate (ED) that it could impose Rs 1 lakh in costs if it finds the agency’s appeal against Winzo cofounder Paavan Nanda’s bail to be ‘unnecessary’.
Case details: Nanda was granted bail by a Bengaluru court in February in a money-laundering case filed by the ED. He denied the allegations, said he will cooperate with the investigation, and challenged the legality of the search and seizure.
The court said ED must demonstrate that Nanda violated bail conditions or tried to conceal facts.
ED’s stance: The ED’s case arises from multiple FIRs against the founders, alleging that Winzo used AI bots instead of human players in real-money gaming and generated illegal proceeds of about Rs 3,522 crore from FY22 to FY26, up to August 2025.
Yes, and: The agency also mentioned that it has provisionally attached movable assets worth around $56 million held by Winzo in the US and Singapore.
Fed chair Jerome Powell (left) and US Treasury Secretary Scott Bessent
US Treasury Secretary Scott Bessent and Federal Reserve chair Jerome Powell held an urgent meeting with major bank CEOs to alert them about cyber risks associated with Anthropic’s latest AI model, Mythos, sources told Reuters.
What happened: The meeting aimed to raise awareness of potential threats and encourage banks to strengthen their cybersecurity measures.
The Claude maker launched Mythos with restricted access rather than a full public release, citing its potential to expose cybersecurity weaknesses across major operating systems and browsers. Anthropic also reported ongoing discussions with US officials regarding the model’s offensive and defensive cyber capabilities.
Also Read: ETtech Explainer: Why Anthropic’s new AI model Mythos is a moment of reckoning
In other news: Anthropic is exploring options to design its own chips. The plans are in early stages, and the company might decide only to buy AI chips rather than develop them, sources told Reuters.
Currently, it uses a range of chips, including Alphabet’s tensor processing units and Amazon's chips, to develop and operate its AI software and chatbot, Claude.
Albinder Dhindsa, cofounder of Blinkit and current CEO of Eternal, is set to release his first book, Buildit, later this month.
About Buildit: The book follows Dhindsa’s journey of building Blinkit and the challenges of scaling a quick commerce business in India. HarperCollins described Buildit as distilling his personal playbook – detailing how made tough decisions, navigated uncertainty, and built systems from scratch while pursuing growth in a fast-changing market.
Dhindsa took over as Eternal CEO when founder Deepinder Goyal stepped down in January this year.
About Unseen: Buildit follows the release of ‘Unseen’ less than a year ago. Written by Megha Vishwanath, the book draws on interviews with people close to Zomato to chart the journey of Goyal and the company's rise.
Also Read: Once considered asking Albinder Dhindsa to step aside at Blinkit: Deepinder Goyal
Also in the letter:
■ ED pulled up in Winzo case
■ Anthropic’s Mythos raises eyebrows
■ Albinder Dhindsa turns author
Why IT stocks are sliding after TCS Q4 earnings
Infosys, HCLTech and other IT majors slid as much as 3% on Friday even as the broader market remained upbeat. The Nifty IT index still sank over 2% just a day after TCS dropped its fourth-quarter numbers, halting the sector’s recent momentum.
Mixed reactions: Brokerage firm Jefferies maintained its Underperform stance on TCS, stating there was “nothing to cheer” and highlighting limited signs of a demand revival. Conversely, Nomura and Nuvama, stayed in the bull camp and hiked their target prices.
AI overhang: The sell-off also comes with a fresh wave of AI jitters. A flurry of new models and agentic tools is reviving worries that software and services players may be forced to trim headcount and rethink their business models over time.
- Infosys, Coforge, TCS, and Mphasis all dropped by about 3%.
- HCLTech, Persistent and LTIMindtree were down nearly 3% during the day.
- Wipro slipped 1% even after signalling a potential buyback, but recovered to close about 1% higher.
TCS Q4: TCS reported a 12% year-on-year rise in consolidated net profit to Rs 13,718 crore and a 10% rise in revenue from operations to Rs 70,698 crore. It also declared a final dividend of Rs 31 per share.
Also Read: TCS rides AI demand; mega deals power Q4 results
Ola Electric shares surge 35% in 3 days as EV momentum accelerates
Meanwhile, Bhavish Aggarwal’s Ola Electric finally has something to celebrate after months of pain on the bourses. A stock that was in the news only for fresh lows has rocketed as much as 35% in just three sessions.
What’s behind the rise: Ola said its in-house Lithium Iron Phosphate battery cell is now production-ready – a key step that could help pull down vehicle costs and power its vision of a fully integrated energy and EV ecosystem. It also bagged PLI certification for the Roadster X+ 4.5 kWh variant, shoring up its claim to incentives.
Demand recovers: March brought a sharp snapback in demand, with daily orders crossing 1,000 units in the final week and registrations jumping more than 150% month on month to 10,117 units, Ola Electric said in a filing.
Swiggy cofounder Nandan Reddy to leave company
Swiggy cofounder and head of innovation Nandan Reddy is stepping down from his executive role and exiting the board, the company said in a filing.
Yes, and: Cofounder and chief growth officer Phani Kishan and CFO Rahul Bothra will join the board, while Prosus Ventures’ Renan De Castro Alves Pinto will come in as a nominee director.
Reddy’s exit: Reddy, who started Swiggy with group CEO Sriharsha Majety and Rahul Jaimini, said he is leaving to build his next venture. In an email to employees, he wrote that he wants to spend time on areas he is deeply curious and passionate about.
“I believe we are laying the early foundations of a massive new consumer category, one that unlocks a new dimension of convenience for our customers. Rohit Kapoor will be taking over from me, and I can’t wait to see how big the service becomes under his mentorship,” he wrote.
At Swiggy: Reddy has been leading Swiggy’s concierge app Crew, which food marketplace CEO Rohit Kapoor will now head.
Also Read: Swiggy’s investor relations head Abhishek Agarwal quits
Winzo Case: HC warns ED of costs if challenge to Nanda’s bail is 'unnecessary'
The Karnataka High Court has warned the Enforcement Directorate (ED) that it could impose Rs 1 lakh in costs if it finds the agency’s appeal against Winzo cofounder Paavan Nanda’s bail to be ‘unnecessary’.
Case details: Nanda was granted bail by a Bengaluru court in February in a money-laundering case filed by the ED. He denied the allegations, said he will cooperate with the investigation, and challenged the legality of the search and seizure.
The court said ED must demonstrate that Nanda violated bail conditions or tried to conceal facts.
ED’s stance: The ED’s case arises from multiple FIRs against the founders, alleging that Winzo used AI bots instead of human players in real-money gaming and generated illegal proceeds of about Rs 3,522 crore from FY22 to FY26, up to August 2025.
Yes, and: The agency also mentioned that it has provisionally attached movable assets worth around $56 million held by Winzo in the US and Singapore.
Bessent, Powell warned bank CEOs about Anthropic model risks
US Treasury Secretary Scott Bessent and Federal Reserve chair Jerome Powell held an urgent meeting with major bank CEOs to alert them about cyber risks associated with Anthropic’s latest AI model, Mythos, sources told Reuters.
What happened: The meeting aimed to raise awareness of potential threats and encourage banks to strengthen their cybersecurity measures.
The Claude maker launched Mythos with restricted access rather than a full public release, citing its potential to expose cybersecurity weaknesses across major operating systems and browsers. Anthropic also reported ongoing discussions with US officials regarding the model’s offensive and defensive cyber capabilities.
Also Read: ETtech Explainer: Why Anthropic’s new AI model Mythos is a moment of reckoning
In other news: Anthropic is exploring options to design its own chips. The plans are in early stages, and the company might decide only to buy AI chips rather than develop them, sources told Reuters.
Currently, it uses a range of chips, including Alphabet’s tensor processing units and Amazon's chips, to develop and operate its AI software and chatbot, Claude.
Buildit: Eternal CEO Albinder Dhindsa turns author, pens book on Blinkit’s journey
Albinder Dhindsa, cofounder of Blinkit and current CEO of Eternal, is set to release his first book, Buildit, later this month.
About Buildit: The book follows Dhindsa’s journey of building Blinkit and the challenges of scaling a quick commerce business in India. HarperCollins described Buildit as distilling his personal playbook – detailing how made tough decisions, navigated uncertainty, and built systems from scratch while pursuing growth in a fast-changing market.
Dhindsa took over as Eternal CEO when founder Deepinder Goyal stepped down in January this year.
About Unseen: Buildit follows the release of ‘Unseen’ less than a year ago. Written by Megha Vishwanath, the book draws on interviews with people close to Zomato to chart the journey of Goyal and the company's rise.
Also Read: Once considered asking Albinder Dhindsa to step aside at Blinkit: Deepinder Goyal
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