New-age tech stocks experienced a resurgence during a holiday-shortened trading week, with 31 out of 55 companies under Inc42’s coverage posting gains ranging from 0.26% to nearly 17%.
Market dynamics played a significant role in the performance of these stocks over the three trading sessions. Following a sharp decline on March 30 (Monday), the market rebounded on April 1 (Wednesday) and April 2 (Thursday).
On the first day of the week, 11 new-age tech stocks, including Wakefit, MobiKwik, and FirstCry, reached new lows. However, most of these companies managed to end the week positively.
Top Gainers:
- Ola Electric: +16.81%
- Zaggle: +16.69%
- Veefin Solutions: +16.05%
Other notable gainers included Zappfresh, Urban Company, and Swiggy.
In contrast, 24 new-age tech stocks saw declines, with BlueStone being the largest loser, dropping 12.33% to close at ₹428.35. Ather Energy’s shares peaked at ₹804.4 before falling 4.29% to finish the week at ₹762.25. Other companies like Eternal and Lenskart also ended the week in the red.
The overall market capitalization of the 55 new-age tech companies increased to $119.04 billion by week’s end, up from $116.31 billion the previous week.
Market Trends
The Indian equity markets faced bearish pressure for the sixth consecutive week, with the Sensex down 0.4% to 73,319.55 and the Nifty 50 falling 0.5% to 22,713.1. Trading was halted on March 31 and April 3 due to holidays.
Investor sentiment was affected by rising tensions between the US and Iran and increasing crude oil prices, leading to widespread selling. Although there was a mid-week recovery, volatility remained due to global uncertainties and inflation concerns.
Ajit Mishra from Religare Broking noted that global developments, particularly the US-Iran conflict, were influencing market trends, with rising crude prices raising inflation worries for import-dependent economies like India.
Key Developments for Ola Electric and Zaggle
Ola Electric's shares surged 16.81% to close at ₹28.35, driven by a significant increase in electric two-wheeler registrations. The company reported a 139% rise in volumes, reaching 9,496 units in March.
Ola Electric also implemented a discount campaign, reducing prices by up to ₹50,000, which contributed to the uptick in registrations. The company announced that it had surpassed 1 million cumulative registrations.
Meanwhile, Zaggle's stock rose over 16% after the company projected strong revenue growth for FY27. It anticipates standalone revenue growth of 25-30% and consolidated growth of about 40%.
Additionally, Zaggle completed a full acquisition of UPI provider Rio.Money and announced a ₹50 crore investment in its subsidiary. However, the company faced management changes with the resignation of its CFO and the cancellation of plans to acquire a majority stake in Effiasoft.
