TCS and Australian Securities Exchange (ASX) Launch Modern Clearing System with CHESS Release 1

Tata Consultancy Services (TCS) and the Australian Securities Exchange (ASX) have officially gone live with CHESS Release 1 — the first phase of ASX’s Clearing House Electronic Subregister System modernization, focused on cash clearing and settlement.

• Go‑Live Date: April 28 2026 (Sydney | Mumbai)
• Partners: Tata Consultancy Services (TCS) and Australian Securities Exchange (ASX)
• System: CHESS Release 1 — Clearing House Electronic Subregister System
• Focus: Cash clearing & settlement for eligible financial products
• Technology Stack: TCS BaNCS for Market Infrastructure, Quartz Gateway Solutions, Cloud‑hosted architecture, ISO 15022, ISO 20022, FIX standards

What CHESS Release 1 Delivers:

• Modernized Clearing Component: Real‑time trade novation and netting across asset classes
• Resilience & Scalability: Benchmarked for high‑volume processing
• Inter‑Exchange Connectivity: Integrates multiple Australian trading venues
• Compliance: Aligned with global post‑trade standards and CCP requirements

Leadership Commentary:

• Tim Whiteley, CIO ASX: “Release 1 marks a significant milestone in modernizing Australia’s critical market infrastructure.”
• R. Vivekanand, President BFSI Products & Platforms, TCS: “We are proud to have partnered with ASX on their modernization strategy and the successful go‑live of CHESS Release 1.”

Strategic Significance:

Aspect	Impact
Market Infrastructure Modernization	Strengthens Australia’s post‑trade ecosystem and global competitiveness
Cloud‑Native Architecture	Enhances resilience, scalability, and operational efficiency
Cross‑Market Integration	Supports multiple exchanges and asset classes
Future Roadmap	Release 2 targeted for 2029, expanding to securities registration and settlement

Broader Context:

• TCS demonstrates global leadership in market‑infrastructure modernization.
• ASX takes a critical step in its digital‑transformation journey.
• Ensures faster, safer, and more transparent post‑trade operations for Australia’s capital markets.

CHESS Release 1’s go‑live marks a foundational leap in Australia’s financial‑market modernization, combining TCS’s proven technology with ASX’s strategic vision for next‑generation clearing and settlement.

Infosys Falls Out of India’s Top 10 Most Valuable Companies

Infosys has officially slipped out of India’s Top 10 most valuable companies by market capitalization in April 2026, after losing nearly ₹2 lakh crore in value since January. LIC and Bajaj Finance have overtaken Infosys, reflecting a broader market shift where banks and non‑IT heavyweights are outperforming traditional IT firms.

• Market Cap Erosion: Infosys’s market capitalization fell from ~₹6.9 lakh crore in January 2026 to ~₹4.9–5.0 lakh crore by late April.
• Q4 FY26 Results: Net profit rose 20.9% (₹8,501 crore) and revenue grew 13.4% (₹46,402 crore), but FY27 guidance disappointed (1.5–3.5% growth).
• AI Disruption Concerns: Analysts flagged reduced demand for traditional IT services due to AI adoption.
• Stock Performance: Shares fell over 24% between January and mid‑February 2026, closing at ₹1,242 on April 23.

Who replaced Infosys in the Top 10:

• LIC: Market cap ~₹5.5 lakh crore, ahead of Infosys.
• Bajaj Finance: Entered the Top 10 with strong NBFC momentum.
• Reliance Industries: Still India’s most valuable company.
• HDFC Bank: Overtook TCS in rankings.
• Bharti Airtel: Benefiting from strong subscriber growth.

Current Snapshot (April 2026):

Rank	Company	Sector	Market Cap (Approx.)
1	Reliance Industries	Energy/Telecom	₹19+ lakh crore
2	HDFC Bank	Banking	₹12+ lakh crore
3	TCS	IT Services	₹11+ lakh crore
4	ICICI Bank	Banking	₹8+ lakh crore
5	SBI	Banking	₹7+ lakh crore
6	Bharti Airtel	Telecom	₹6+ lakh crore
7	LIC	Insurance	₹5.5 lakh crore
8	Bajaj Finance	NBFC	₹5.2 lakh crore
9	Hindustan Unilever	FMCG	~₹5 lakh crore
10	Infosys (now outside)	IT Services	~₹4.9–5.0 lakh crore

Key Takeaways:

• Infosys’s exit marks a turning point for IT firms in India’s market‑cap rankings.
• Financials and telecom are driving growth, reflecting investor confidence.
• AI disruption reduces demand for legacy IT outsourcing models.

Dai Nippon Printing Co. Opens First India R&D Centre at IIT Hyderabad to Advance EV Power Transfer and API Innovation

• Joint research to focus on wireless power transfer systems for EVs and Active Pharmaceutical Ingredients (APIs)
• Facility established at IITH Technology Research Park (TRP) to accelerate industry–academia collaboration
• Initiative to drive commercialisation of advanced technologies for India and global markets

Dai Nippon Printing Co. Ltd. (DNP) inaugurated its first Research & Development (R&D) centre in India at the Indian Institute of Technology Hyderabad (IITH), marking its second overseas R&D base globally. Located at the IITH Technology Research Park (TRP), the centre will focus on advancing joint research in electric mobility and healthcare, while strengthening India–Japan innovation collaboration and accelerating the development and commercialization of next-generation technologies.

The inauguration ceremony witnessed the presence of key dignitaries and representatives from academia, industry, and government, including Mr. Muneo Takahashi, Consul General of Japan; Mr. Osamu Nakamura, Senior Managing Director, DNP; and Prof. B S Murty, Director, IITH, along with senior representatives from Japanese organisations and partner institutions.

The newly established centre will drive joint research initiatives between IITH and DNP in priority areas such as wireless power transfer systems for electric vehicles (EVs) and development of synthesis routes for Active Pharmaceutical Ingredients (APIs)—both critical to sustainable mobility and affordable healthcare.

Located within the IITH TRP, the facility is designed to enable seamless collaboration between academia and industry, combining IITH’s research strengths and talent ecosystem with DNP’s advanced technological capabilities to accelerate innovation and real-world implementation.

Hyderabad’s emergence as a hub for Mobility innovation, Pharmaceuticals, Semiconductors, and Advanced Manufacturing further strengthens the strategic relevance of this collaboration, with potential to expand into Middle East and African markets.

In the mobility domain, the centre will focus on the design, development, and demonstration of wireless power transfer systems for EVs, while in healthcare, it will advance process development and scalable synthesis of APIs, enabling faster translation from research to manufacturing and global deployment.

Prof. B S Murty, Director, IIT Hyderabad, said, "The inauguration of DNP’s R&D centre at IITH marks an important step in strengthening global industry–academia collaboration. This partnership brings together cutting-edge industrial technology and academic research to address critical challenges in mobility and healthcare. It also reinforces the role of IITH as a hub for translational research and innovation aligned with national priorities and global needs.”

Senior Managing Director Osamu Nakamura, DNP said, "As DNP marks its 150th anniversary, establishing this new R&D Centre at IIT Hyderabad is important for us to create future standards. Here, we will learn IIT Hyderabad’s expertise and combine it with DNP’s strengths to create new businesses in India, starting with mobility and healthcare. We look forward to strengthening a long-term partnership and contributing to the growing relationship between India and Japan.”

The collaboration is expected to further promote talent development, knowledge exchange, and joint innovation programs, offering students and researchers opportunities to work on globally relevant technologies, while deepening the India–Japan partnership in research and technology.

With this initiative, IIT Hyderabad continues to expand its Technology Research Park ecosystem, attracting leading global companies and enabling a collaborative environment that bridges research, development, and commercialization.

About DNP:

Dai Nippon Printing Co., Ltd. (DNP), established in 1876, is a leading global company that leverages print-based and advanced material technologies to create innovative solutions across diverse sectors. The company has strong expertise in microfabrication and precision coating technologies, enabling it to serve industries such as electronics, display technologies, optical films, mobility, and healthcare, while contributing to sustainability and global innovation.

About IITH:

IITH, established in 2008, has reached a respectable position in academics, research, technology development, and Start-ups in a short span of 17+ years. In the National Institutional Ranking Framework (NIRF-2025), IITH is ranked 7th among Engineering institutes (crossing a first-generation IIT this year), and is ranked 6th in Innovation, while it has maintained its rank within the top 10 Engineering Institutes ever since NIRF was launched. IITH is ranked 664th and 270th in the QS World and Asian University Rankings 2026, respectively (among the top 10% of global institutions in citations per faculty). IITH has recorded a major leap in the QS World University Rankings 2026 by Subject, entering the global Top 400 in Engineering & Technology with a rank of 395, marking a sharp improvement from the 501–550 band in 2025. IITH secured 46 positions by 31 faculties in the Stanford /Elsevier Global Top 2% Scientists list 2025 across two categories. IITH has been striving for excellence with a motto of "Inventing & Innovating in Technology for Humanity (IITH)".

With 340+ full-time Faculty, 360+ non-teaching Staff and 5,720+ Students (PG+PhD students accounting for about 60%), IITH has a strong research focus with 5470+ R&D Projects worth of Rs. 1770 Cr (Rs. 245+ Cr funding in 2025-26), 13,300+ Publications, 2,64,400+ Citations, 160 h-index, 730 Patents (250 Patents in 2025, i.e., 0.75 patents per faculty in 2025, making it possibly the best Indian institute in terms of patents filed per faculty in a year), and about 280+ Start-ups (that have generated 1100+ jobs with a revenue of Rs. 1500+ Cr).

ArcelorMittal Nippon Steel India Inaugurates Advanced Automotive Steel Mill in Hazira to Boost Self‑Reliance

• Pickling Line and Tandem Cold Mill (PLTCM) inaugurated by His Excellency Mr. Keiichi Ono, Ambassador of Japan to India
• New line marks a major step towards making India fully self‑reliant in the production of Advanced High Strength Steel (AHSS) to meet growing needs of the automotive industry
• Latest unit will support indigenous production of a diverse range of world‑class automotive steel, including first‑of‑its‑kind, patented products, and strengthen the vision of Aatmanirbhar Bharat

ArcelorMittal Nippon Steel India (AM/NS India) today announced the inauguration of an advanced Pickling Line and Tandem Cold Mill (PLTCM) by His Excellency Mr. Keiichi Ono, Ambassador of Japan to India at the company’s flagship plant in Hazira, Gujarat.

With a capacity of 2 million tonnes per annum, the state-of-the-art PLTCM has been inaugurated as a key addition to AM/NS India’s automotive manufacturing capabilities and will soon be configured to produce high‑quality, cold‑rolled base steel, which will be used to manufacture world-class products, including first-of-its kind as well as patented steel solutions from parent companies ArcelorMittal and Nippon Steel. The new line marks a major step towards making India fully self‑reliant in the production of Advanced High Strength Steel (AHSS) to meet the growing needs of the automotive industry.

Among the most advanced production lines in India, the facility integrates state‑of‑the‑art process technology, superior automation, and globally benchmarked quality systems, drawing on the deep technical expertise of the parent companies. The facility is designed to support the manufacturing of advanced automotive steel for Advanced High Strength Steel (AHSS), Galvannealed (GA), Galvanised (GI), and Press Hardened Steel (PHS) applications, having an edge over other mills in the country, providing end-to-end solutions to all automotive companies. These solutions are designed to meet global sustainability standards, enable vehicle lightweighting for improved efficiency and performance, and enhance safety in line with Bharat NCAP (BNCAP) norms.

The dedicated automotive line will significantly strengthen ArcelorMittal Nippon Steel India’s downstream capabilities, aligning them with global benchmarks and supporting the production of AHSS with strength levels of up to 1180 MPa.

The inauguration forms part of AM/NS India’s ongoing ₹ 60,000-crore expansion project at its flagship plant in Hazira, Gujarat, to develop upstream, downstream, and other enabling facilities.

His Excellency Mr. Keiichi Ono, Ambassador of Japan to India, toured the plant to gain firsthand insight into the scale of operations and its growth trajectory.

His Excellency Mr. Keiichi Ono, Ambassador of Japan to India, said: “I congratulate AM/NS India on the commencement of production at its state-of-the-art automotive steel sheet production line at the Hazira plant.

Japanese advanced technology has contributed significantly to the launch of high-end steel product manufacturing in India. This signifies that Japan’s contribution to the “Make in India, Make for the World” initiative has entered a new phase.

Japan and India share a mutually complementary relationship, where Japan’s technology and capital are complemented by India’s manufacturing capacity and growing demand. Having witnessed the vitality of the Hazira Steel Plant firsthand, I am confident that industrial cooperation between Japan and India, and the future of Viksit Bharat, will be a bright one.”

Mr. Dilip Oommen, Chief Executive Officer of ArcelorMittal Nippon Steel India (AM/NS India), said: “ArcelorMittal Nippon Steel India is firmly committed to the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. In line with the commitment and guided by our brand promise – ‘Smarter Steels, Brighter Futures’, we are building state-of-the-art steelmaking assets by leveraging the unparalleled technology and expertise of our parent companies, ArcelorMittal and Nippon Steel – both globally recognised leaders for offering the best automotive steel solutions. The inauguration of the Pickling Line and Tandem Cold Mill (PLTCM) marks an important milestone in this journey, creating the foundation for manufacturing high‑quality, high‑grade automotive steels domestically. This will support import substitution, enhance supply chain resilience, and enable the automotive industry’s transition towards safer, lighter, and more sustainable mobility solutions. It reinforces India’s position as a competitive manufacturing hub aligned with the requirements of next-generation vehicles and global automotive standards.”

The new unit will contribute to meet the growing demand for high-quality, value-added automotive steel in India, which currently stands at 7.8 million tonnes per annum (MTPA) for flat steel and is projected to grow by 6-7% annually. As India rapidly emerges as a global automotive powerhouse – already the world’s third-largest automotive producer with aspirations to become the second largest, the need for world-class steel to support premium and technologically advanced vehicles is becoming more critical.

Finvolve & IA Back Vikra Ocean Tech with $1M to Build India’s First Indigenous Ocean Robotics Stack

Finvolve, a multi-stage venture capital fund, has announced a seed investment of $1 million in Vikra Ocean Tech, a Chennai-based deeptech startup developing India’s first fully indigenous ocean robotics stack for underwater and surface operations. The investment, led by Finvolve along with India Accelerator, will be utilized to scale product manufacturing, strengthen the company’s sales pipeline across defence and public sector undertakings (PSUs), and establish recurring revenue streams through service contracts and annual maintenance agreements.

Founded in 2019, Vikra Ocean Tech is developing an indigenous, modular ocean robotics ecosystem that includes deep-water ROVs, autonomous surface vessels, amphibious crawling robots, and AI-enabled imaging and communication systems. Built for interoperability through a unified control platform, its solutions address India’s dependence on imported underwater robotics by offering cost-effective, mission-ready systems tailored for defence, subsea inspection, hydrographic surveys, and disaster response. Its integrated hardware stack is supported by indigenous cameras, lighting, diver communication systems, and AI-based video enhancement tools for simplified and scalable operations.

VIKRA has gained strong early traction across both defence and commercial sectors, including securing two iDEX grants from the Indian Army and the Indian Coast Guard, along with several other prestigious innovation awards. The company has developed India’s first 2000-meter depth-rated deep-ocean camera and lighting systems. Its Autonomous Surface Vehicle (ASV) systems are also seeing wide adoption for offshore marine exploration applications.

The investment comes at a time when global and domestic tailwinds are accelerating the adoption of subsea robotics. With increasing maritime security concerns, rising climate-related disasters, and a strong policy push towards indigenous innovation, the demand for reliable, locally built ocean-tech solutions is growing rapidly. The global subsea robotics market is projected to expand significantly by 2030, while India’s domestic opportunity across inspection, monitoring, and blue economy applications continues to scale, creating a strong foundation for companies like Vikra to emerge as category leaders.

Commenting on the investment, Ashish Bhatia, Co-Founder of Finvolve and Founder & CEO of India Accelerator said –

Subsea robotics is fast becoming a strategic priority for India across defence, infrastructure, and disaster response. Vikra Ocean Tech is addressing this need with a fully indigenous, integrated robotics stack that combines deep-tech innovation with strong on-ground validation. Their ability to build and deploy scalable, high-performance systems positions them well to lead this space from India. 

Rajagurunathan, Co-Founder, Vikra Ocean Tech, added,

Our vision is to build a globally competitive ocean robotics ecosystem from India. This investment enables us to accelerate product development, scale deployments, and deepen our engagement with defence and industrial stakeholders. We aim to significantly reduce India’s dependence on imported systems while delivering robust, cost-effective solutions built for real-world conditions.

Rajeuv, Co-Founder, further added, “This investment will strengthen our R&D capabilities, scale manufacturing, and accelerate deployments across defence, offshore energy, research, and marine infrastructure sectors. We are committed to building reliable, world-class technologies that position India as a leader in ocean innovation.”

With a vertically integrated product stack, growing commercial traction, and strong alignment with India’s strategic priorities, Vikra Ocean Tech is well positioned to scale its operations and play a defining role in shaping the country’s subsea robotics and ocean-tech landscape.

About Finvolve

Finvolve is a multi-thesis growth and late-stage venture capital fund supporting startups across their growth journey from pre-seed to pre-IPO. The fund partners with founders to provide growth capital, strategic guidance, and long-term support, helping companies scale sustainably and build enduring businesses. With investments across high-growth sectors, Finvolve focuses on backing teams that combine strong execution with clear market opportunity.

About India Accelerator

India Accelerator (IA) is India’s leading seed-stage startup accelerator and the recipient of the “Best Accelerator of the Country” award from Startup India (2022). Alongside its accelerator programs, IA actively invests in early-stage startups through Finvolve, three AIFs, and a GIFT City Fund. IA provides founders with capital, mentorship, and market access, enabling scalable and sustainable growth.