Jio revs up IPO engine; Accenture shock sinks IT

Jio Platforms has kicked off its IPO process with the filing of its draft papers with Sebi. This and more in today's ETtech Top 5.

Also in the letter:
■ Meta infra head on India bets
■ Telegram ban upheld
■ Temple discovers ‘Entropy’

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Mukesh Ambani, chairman, Reliance Industries

Jio Platforms on Friday filed its draft red herring prospectus (DRHP) with Sebi for its IPO, hours after Reliance Industries chairman Mukesh Ambani announced the listing and vowed it would unlock significant value for investors.

IPO details:

• Fresh issue: Jio will issue 27 crore new shares to investors.
• IPO size: Reports peg the offer at about $3 billion.
• Use of proceeds: Jio plans to deploy most of the money to pare debt. The company has earmarked around Rs 27,500 crore to repay loans, in full or in part.
• Promoter holding: Reliance Industries held 66.43% of Jio Platforms' pre-issue paid-up equity share capital on the DRHP filing date.

Analyst take: Market watchers view a fresh issue as a clear positive because the proceeds flow into the business rather than simply funding an exit for existing shareholders. That usually lifts sentiment, with investors seeing the capital as fuel for growth.

They also point out that a fresh issue dilutes all shareholders proportionately as the company creates new shares, while an offer for sale (OFS) would have reduced only the selling shareholders' stakes. Analysts expect the IPO to help investors assign a cleaner, standalone valuation to Jio’s core telecom and digital businesses.

Also Read: Reliance bets big on AI at the annual general meeting 2026: Key takeaways

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Shares of TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra fell as much as 8% on Friday on the BSE, after Accenture cut the upper end of its annual revenue growth forecast, reigniting worries over discretionary tech spending.

By the numbers:

• TCS: Down 5.4% to Rs 2,083 on the BSE
• Infosys: Down 8% to Rs 1,041
• Wipro: Down over 4%
• HCL Technologies: Down over 5%
• Tech Mahindra: Down over 5%

Why the fall: The slide followed an 11% plunge in Accenture shares after the IT major trimmed its FY26 revenue growth guidance to 3%-4% from 3%-5%.

Accenture also projected Q4 revenue of $17.75 billion-$18.4 billion, marginally below Wall Street’s $18.47 billion estimate, according to LSEG data. The outlook signals continued caution regarding IT consulting and digital transformation spending, even as companies continue to invest in artificial intelligence and cybersecurity.

Closing numbers:

• TCS: Rs 2,126.4, down 3.5%
• Infosys: Rs 1,051.8, down 6.7%
• Wipro: Rs 180.6, down 1.2%
• HCL Technologies: Rs 1,129.8, down 2.7%
• Tech Mahindra: Rs 1,410.8, down 2.5%

Also Read: Data centres, AI infra become IT's next growth bet

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Meta has drawn up sweeping infrastructure plans for India, Santosh Janardhan, the company’s global head of infrastructure, said in an interview with ET.

Edited excerpts:

India plans: We already have the distribution. Layer AI on top of that reach and the possibilities are extraordinary. India is a huge part of that story. We recently announced the data centre project in Jamnagar.

We have Project Waterworth, which is the world's longest and most sophisticated subsea cable system. India is a huge part of that. We also have a significant presence in Bengaluru, where we build custom silicon….We have engineers there doing highly specialised work that, frankly, the rest of the world cannot do. Our ambitions in India over the next 5-10 years are enormous.

Chip strategy: When you're talking about tens or hundreds of gigawatts of compute, no single silicon provider can satisfy all your needs. That's why we take a portfolio approach. We work with Nvidia, AMD and others. We have our own silicon programme as well. But I hold my own teams to the same standards as our external vendors.

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The Delhi High Court on Friday upheld the Centre’s temporary restriction on Telegram until June 22, calling it a justified step to curb fake NEET (UG) 2026 re-exam papers and exam fraud ahead of the June 21 re-test.

What the court said: Dismissing Telegram’s petition, the court held that the government’s emergency blocking order “does not suffer from non-application of mind” and is well founded.

Justice Tejas Karia noted that “a platform can be banned under Section 69A of the IT Act,” adding that the run-up to the re-tests provided sufficient grounds for a temporary restriction.

Tell me more:

• On Thursday, the high court had asked whether the state could curtail access to a platform used by millions in order to protect the interests of a far smaller group of examinees.
• Defending the ban, Solicitor General Tushar Mehta argued that Telegram’s bot ecosystem lets users spin up multiple channels at speed, making it hard for authorities to contain leaked material and misinformation.

Also Read: Telegram a new ‘dark web’: Centre defends ban ahead of NEET retest

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Deepinder Goyal, founder, Temple

Deepinder Goyal said on Thursday that his health-tech startup, Temple, has identified a new biomarker called ‘Entropy’.

What's happening? Goyal said that Entropy can only be measured from the temple region of the head, not from any other part of the body. It tracks what he calls the “real-time cost” of being alive.

A biological marker is any measurable substance or trait that reveals what is happening inside the body.

Tell me more:

• Entropy appears as a live score on the app’s home screen, ranging from 1 to 250 and updating every second.
• The score reflects how much energy the body is using at that moment.
• Lower scores indicate deeper rest, while higher scores signal intense physical effort.
• Temple has also introduced Entropy Maxima, which measures a person's peak output during exertion.
• Entropy Minima tracks the body's lowest resting metabolic state.

Temple wants users to push their maximum output higher while steadily driving down their resting metabolic cost over time.

Also Read: Deepinder Goyal’s wearable startup Temple raises $54 million from Steadview, Peak XV, others