During December 22-26, twenty three new-age tech companies gained in a range of 0.21% to close to 14% while 26 new-age tech stocks declined in a range of 0.06% to close to 12%
The cumulative market cap of 50 new-age tech companies under Inc42’s coverage stood at $142 Bn at the end of the week as against $144.5 Bn a week ago
While the broader market ended the week with modest gains, persistent FII selling continued to hold down the sentiment in Indian equities this week
Amid a holiday-shortened week, new-age tech stocks saw another mixed week. During December 22-26, twenty three new-age tech companies gained in a range of 0.21% to close to 14%.
In line with the broader rally in Indian defence companies this week, dronetech companies ideaForge and DroneAcharya gained the most this week. While ideaForge jumped 13.9% to end the week at INR 483.75, DroneAcharya surged 9.95% to close the week at INR 45.41.
Trailing the top gainers were companies like Ola Electric (up 5.2%), BlackBuck (up 5.06%), and Nykaa (up 4.16%).
Meanwhile, 26 new-age tech stocks declined in a range of 0.06% to close to 12%.
Amid the losers, BlueStone touched an all-time low of INR 491.20 during the week. It recovered a bit to end the week at INR 493.65, down 3.15%.
Shares of NSE SME-listed Menhood ended the week flat at INR 210.
Now, let’s take a look at key developments at some of the listed new-age tech companies this week.
With that, let’s take a look at what happened in the broader market this week.
Markets ended the Christman week with modest gains. Sensex ended 0.1% higher at 85,041.45, while Nifty 50 gained 0.2% to end at 26,042.3.
The week started on a strong note but investor activity faded in subsequent sessions amid mixed global cues and thin year-end volumes. As per Religare’s research SVP Ajit Mishra, the sentiment was shaped by a combination of domestic macroeconomic indicators and global developments.
Notably, India concluded a comprehensive Free Trade Agreement (FTA) with New Zealand this week. However, there were no further updates on the India-US trade deal.
As a result, foreign institutional investors (FIIs) continued to remain sellers this week. Geojit Investments’ chief investment strategist VK Vijayakumar said the FIIs sold a record amount of equities this year.
Looking ahead, market sentiment is expected to stay cautious as investors brace for the upcoming earnings season and closely monitor global developments and currency movements. Progress in the India-US trade talks, rupee stability, FII trends, and movements in commodity prices will be the key things to watch out for.
Now, let’s take a look at the performance of Groww and Ola Electric this week.
Shares of Bhavish Aggarwal-led Ola Electric, which have been under pressure this year, rebounded this week.
During the week, the EV maker said that it received a sanction order from the heavy industries ministry (MHI) for the release of incentives totalling INR 366.78 Cr under the production-linked-incentive (PLI) scheme for its sales in FY25.
Earlier in the week, the company announced the expansion of its Hyperservice initiative with the launch of dedicated Hyperservice Centres, designed to offer same-day service guarantee to eligible customers at no additional cost.
Investment tech company Groww’s shares jumped 2.7% to end the week at INR 165.4, up over 45% from its listing price of INR 114 on the BSE.
The stock rallied this week after the BSE announced the stock’s inclusion in four of its indices from January 6. Next year, Groww’s shares would be a part of the following indices — BSE Allcap, BSE Large Cap index, BSE Large MidCap and BSE Financial Services.
The brokerage firm’s rationale for the rating is Groww’s leadership in the stock broking segment despite it entering the market only in FY21. It believes Groww has several levers to “drive 35% EPS CAGR over FY26-28e”.