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<\/p>\n\t\t\t\t\t\tSUMMARY<\/p>\n
While BlueStone, Ather Energy, ixigo, Smartworks, Eternal, IndiQube, Yatra touched fresh all-time highs during the week, Delhivery, Paytm, Nykaa and CarTrade soared to new 52-week highs<\/p>\n
Overall, twenty seven of the 37 new-age tech stocks gained this week, rising 0.12% to about 33%<\/p>\n
The cumulative market cap of new-age tech companies zoomed $5 Bn from last week to $107.09 Bn<\/p>\n
New-age tech stocks surged this week on the back of a rally in the broader Indian equities market. Eleven out of the 36 new-age tech stocks under Inc42\u2019s coverage touched fresh highs this week, resulting in an increase of about $5 Bn in the cumulative market cap of these companies to $107.09 Bn at the end of the week.\u00a0<\/p>\n
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While BlueStone, Ather Energy, ixigo, Smartworks, Eternal, IndiQube, Yatra touched fresh all-time highs during the week, Delhivery, Paytm, Nykaa and CarTrade soared to new 52-week highs.\u00a0<\/p>\n
Overall, 27 new-age tech stocks gained this week, rising 0.12% to about 33%. Coming fresh off an all-time low on August 29, fintech company MobiKwik emerged as the biggest gainer. Its shares zoomed 32.97% to end the week at INR 293.60.<\/p>\n
The second biggest gainer this week was travel-focussed SaaS company RateGain, with its shares jumping 20.84% to end at INR 617.60. The stock saw a bullish momentum throughout the week.\u00a0<\/p>\n
The third biggest gainer this week was B2B travel tech company TBO Tek, whose shares piqued investor interest after it announced acquisition of US-based Classic Vacations<\/a> for up to $125 Mn.\u00a0<\/p>\n TBO Tek aims to strengthen its offerings in the premium outbound travel market with the acquisition. Its shares ended the week 17.89% higher at INR 1,542.35.\u00a0<\/p>\n Meanwhile, shares of 10 new-age tech companies ended the week in the red, declining in a range of 0.14% to under 8%. Logistics major BlackBuck emerged as the biggest loser, sliding 7.52% to INR 588.65. During the week, Goldman Sachs partially exited the company by offloading 49.1 Lakh shares for INR 295 Cr.\u00a0<\/p>\n Gaming major Nazara Technologies continued to be under pressure this week, with its shares falling 4.36% to INR 1,107.75.<\/p>\n The stock has declined over 21% since August 19, when the Union Cabinet approved the Bill banning real money gaming (RMG).<\/p>\n<\/blockquote>\n The ban effectively nullifies Nazara\u2019s INR 1,000 Cr bet<\/a> on PokerBaazi. The company, which is considering writing off the investment, terminated its deal to acquire an additional stake<\/a> in the startup this week.\u00a0<\/p>\n Other losers this week included Zaggle, Fino Payments Bank, ArisInfra, Go Digit.\u00a0<\/p>\n Tech Startups Rush To Dalal Street\u00a0<\/b><\/p>\n Amid the bullish market sentiment, multiple new-age tech companies took definitive steps towards their public listings.\u00a0<\/p>\n<\/blockquote>\n Following SEBI\u2019s approval for its IPO, Urban Company promptly filed its RHP for INR 1,900 Cr public issue<\/a>. The IPO, which is slated to open on September 10 with a price band of INR 98 to INR 103 per share<\/a>, pegs Urban Company\u2019s post-issue valuation at $1.6 Bn at the upper end of the price band.\u00a0<\/p>\n span { .code-block.code-block-55 .type-post .card-wrapper .card-content .entry-title.recommended-block-head { boAt also secured SEBI approval<\/a> for its confidential public issue filing. While the exact details of its IPO size are not clear because of the pre-filing route taken by it, it is reported to be looking to raise around INR 2,000 Cr.<\/p>\n Meanwhile, coworking startup DevX also filed its RHP<\/a> this week for its IPO which will comprise only a fresh issue of up to 2.35 Cr shares. The IPO will open on September 10.<\/p>\n Last week, supply chain solutions provider LEAP India filed its DRHP<\/a> to raise up to INR 2,400 Cr \u2013 including an OFS of up to INR 2,000 Cr. Meanwhile, fintech giant PhonePe is expected to pre-file its IPO papers by the end of September, targeting a blockbuster $1.2 Bn to $1.5 Bn raise and an early 2026 listing.<\/p>\n Now, let\u2019s take a look at the performance of the broader market this week.\u00a0<\/p>\n GST Reforms Drive Market Gains<\/b><\/p>\n Benchmark indices ended the week higher, buoyed by GST rationalisation and robust domestic macros. While Nifty 50 advanced 1.29% to end at 24,741, Sensex gained 1.13% to close at 80,710.<\/p>\n Religare\u2019s SVP of research Ajit Mishra said that the Nifty rebounded from 24,400, holding above its swing low, but continues to consolidate in a triangle pattern with resistance near 25,000. A break above this could drive gains to 25,250 and 25,400, while the 24,280\u201324,400 zone now offers immediate support.\u00a0<\/p>\n The bullish sentiment this week came on the back of a stronger-than-expected 7.8% GDP growth in Q1 \u2014 the fastest in five quarters. Besides, the GST Council\u2019s decision to move to a dual tax slab of 5% and 18% for most of the items also injected optimism.\u00a0<\/p>\n<\/blockquote>\n However, persistent FII outflows and uncertainties around US inflation and monetary policy continued to be a drag.\u00a0<\/p>\n According to Geojit Investments\u2019 Vinod Nair, market sentiment is expected to be mixed in the coming weeks. \u201cDomestic growth-linked sectors stand to benefit from GST relief, resilient consumption, and government spending, while uncertainty over global trade negotiations continues to restrain risk appetite. A multi-asset investment strategy is expected to gain traction in this environment,\u201d he said.\u00a0<\/p>\n With that, let\u2019s take a look at the performance of BlueStone and MobiKwik this week.<\/p>\n MobiKwik Shines After Prolonged Bearish Momentum<\/b><\/p>\n MobiKwik zoomed this week, snapping a prolonged bearish phase. The stock surged over 28% in the first two sessions of the week as heavy buying interest emerged after a period of listless action.\u00a0<\/p>\n The positive price momentum sustained through the week, with the stock closing at INR 293.60 after climbing as high as INR 309 on Friday (September 5).\u00a0\u00a0<\/p>\n\n
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