While 43 of the 57 new-age tech stocks gained in the range of 0.08% to over 21%, 14 stocks fell in a range of 0.21% to close to 8%
Seven new-age tech stocks — WeWork India, Shadowfax, Kissht, Aye Finance, Nykaa and Amagi — also touched fresh highs this week
The market capitalisation of the 57 new-age tech companies rose to $134.52 Bn at the end of the week from $129.58 Bn a week ago
New-age tech stocks gained in line with the bull run in the broader market this week. Forty three out of the 57 new-age tech companies under Inc42’s coverage ended the week in the green. While gainers soared in the range of 0.08% to over 21%, 14 stocks fell in a range of 0.21% to close to 8%.
Aequs emerged as the biggest gainer this week, with its shares surging 21.42% to end at ₹221.9. Investor sentiment turned positive after the company, in its investor day presentation on Thursday (June 18) projected a 4-6X revenue growth by FY31 and an EBITDA margin of 18-22%. The loss-making company also said it expects to reach consolidated PAT breakeven by H1 FY28. Following this, the stock touched a fresh all-time high of ₹225 during the intraday trading yesterday.
Besides, six new-age tech stocks — WeWork India, Shadowfax, Kissht, Aye Finance, Nykaa and Amagi — also touched fresh highs this week.
Meanwhile, the list of losers was topped by Ola Electric. The EV maker’s shares fell 7.54% to end at ₹42.28. Its competitor, Ather Energy, was the second biggest loser this week, falling 5.49% to end at ₹971.70.
EaseMyTrip, SEDEMAC Mechatronics, Capillary Technologies, WeWork India, and Awfis were among the other losers this week.
Overall, the market capitalisation of the 57 new-age tech companies rose to $134.52 Bn at the end of the week from $129.58 Bn a week ago.
Now, let’s take a look at some of the key developments at the new-age tech companies this week.
With that, let’s take a look at the performance of the broader market this week.
Indian equities extended their gains for a second consecutive week, supported by improving global sentiment, easing crude oil prices, a strengthening rupee, and renewed foreign investor participation.
While profit booking yesterday erased some of the week’s gains, broader markets remained resilient. Sensex and Nifty 50 gained 1.7% each to end the week at 76,802.90 and 24,013.10, respectively.
“The key trigger was a notable decline in Brent crude, which dipped below the $80 per barrel level on hopes of a potential US-Iran peace agreement. However, the abrupt cancellations of peace talks halted the slide in oil prices and led to profit booking toward the close of the week,” Geojit’s research head Vinod Nair said.
A key highlight of the week was the return of FIIs as net buyers after a prolonged period of selling. FIIs infused ₹3,386 Cr into Indian equities during the week. Domestic institutional investors continued to provide support, recording net purchases of ₹7,109 Cr during the week.
Despite the positive momentum, technical indicators suggest caution. Nifty failed to sustain levels above 24,100 and formed a Doji candlestick on the weekly chart. Immediate support is seen around 23,900, while resistance remains in the 24,150-24,200 zone. Market participants are likely to maintain a stock-specific approach, with midcap and smallcap stocks continuing to outperform the benchmark indices, said Pabitro Mukherjee, deputy VP of research at Bajaj Broking.
Now, let’s take a look at the weekly performance of Nykaa and Ather Energy.
The BPC major’s shares soared 10.72% during the week to end yesterday’s trading session at ₹302.55. The stock also touched a fresh high of ₹303.75 during the week.
After ending the first two trading sessions with slight dips, the shares jumped during the next three consecutive sessions. Initially, the rally was triggered by the company’s announcement of a partnership with OpenAI. Under the partnership, Nykaa has integrated its beauty and fashion offerings to ChatGPT through connected apps.
On Thursday, the BPC major provided its projections for FY30 on its investors’ day, triggering a further rally in stock. The company is looking to grow its revenue by 2-3X by FY30 and EBITDA by 4-5X by FY30. It is eyeing a GMV of over $5 Bn for its beauty and lifestyle business. It also plans to expand its beauty retail footprint to more than 600 stores, reach 10 Cr beauty consumers, grow fashion GMV by 3-3.5X and scale ‘House of Nykaa’ portfolio to over ₹5,000 Cr in NSV.
Investor sentiment towards Ather Energy took a hit this week after the company’s board approved a proposal to raise up to ₹2,500 Cr through a qualified institutional placement (QIP) and other equity-linked instruments.
The company plans to issue securities totalling up to ₹1,500 Cr via the QIP, while the remaining ₹1,000 Cr would be raised through a preferential issue, rights issue, equity shares or foreign currency convertible bonds.
Ather outlined the following purposes for the funds:
However, the stock came under pressure this week following the announcement. Ather’s shares fell 5.5% this week to end at ₹971.7. The stock fell as much as 8% during the week to ₹950 apiece.
Source: Inc42 - Startups
