Fourteen out of the 30 new-age tech stocks under Inc42’s coverage gained in a range 0.86% to just under 28% between December 9 and 13
Paytm, Zaggle, BlackBuck, TAC Infosec and CarTrade touched fresh 52-week highs this week
Meanwhile, shares of 15 new-age tech companies ended in the red, falling in a range of 1.07% to a little under 9%
It was a mixed week for new-age tech stocks despite a rally in the broader market. Fourteen out of the 30 new-age tech stocks under Inc42’s coverage gained in a range 0.86% to just under 28% between December 9 and 13.
Continuing its bull run since listing on NSE Emerge, cybersecurity company TAC Infosec emerged as the biggest gainer this week. Its shares gained 27.61% to close at an all-time high of INR 1,009.05.
Ahead of its second quarter financial results disclosure on Friday (December 13), shares of recently listed BlackBuck zoomed 24.37% to end the week at INR 423.35. The logistics company’s shares rallied to an all-time high of INR 460.70 during the intraday trade on Friday.
Fintech SaaS company Zaggle continued its upward movement and its shares touched an all-time high of INR 593.95 on Wednesday (December 11). The stock gained 6.85% this week to close at INR 560.85.
Paytm and CarTrade also touched fresh 52-week highs at INR 1,007 and INR 1,580, respectively, this week. While CarTrade ended the week 3.75% higher, Paytm ended the week up 0.86% at INR 984.20
Other gainers this week included Delhivery, ixigo, MapmyIndia, Nykaa and Awfis.
Meanwhile, shares of 15 new-age tech companies ended in the red, falling in a range of 1.07% to a little under 9%. Fino Payments Banks was the biggest loser this week, with its shares ending 8.61% lower.
Other losers this week included Zomato, Swiggy, Ola Electric, Menhood, Nazara Technologies, among others.
Shares of FirstCry ended the week without any change from the last week.
In the broader market, benchmark index Sensex rose 0.76% to end at 82,133.12 and Nifty 50 jumped 0.36% to 24,768.30 at the end of the week.
Vinod Nair, head of research at Geojit Financial Services, said that the rebound in the market suggests that buy-on-dips strategy is working well. He said investors are bullish on expectations of a better H2 FY25 performance compared with subdued H1 FY25.
“For the week ahead, we expect bottom fishing strategy to continue. Investors will also keep an eye on the US Fed, Bank of England and Bank of Japan monetary policy and US GDP data for further direction,” he added.
Foreign institutional investors (FIIs) continued their buying streak this week. week. FIIs invested INR 14,435 Cr in the Indian equities market till the end of this week. On the contrary, they sold securities worth INR 1,13,858 Cr in October and INR 39,315 Cr in November.
“The recent rally in the Indian market has been driven by positive political developments, a recovery in corporate stocks, increased foreign investments – both in primary and secondary markets and broad sector participation,” Vipul Bhowar, senior director of listed investments at Waterfield Advisors, said.
Amid all these, the initial public offering (IPO) of fintech major MobiKwik closed this week with robust investor interest. The public issue received bids for 141.72 Cr shares as against 1.18 Cr shares on offer, resulting in an oversubscription of 119.38X. The company is expected to debut on the bourses on December 18.
Adding on to the list of new-age companies going for IPOs, jewellery brand BlueStone filed its IPO papers this week. Its proposed public issue will comprise a fresh issue of shares worth INR 1,000 Cr and an offer-for-sale component of up to 2.40 Cr equity shares.
BlueStone adds to other startups like coworking space provider DevX that have filed their DRHPs with the market regulator SEBI. Other new-age tech companies like ArisInfra, Ecom Express and Smartworks have received the regulator’s go-ahead for their respective IPOs.
Now, let’s take a deeper look at the performance of some of the new-age tech companies this week.
The total market cap of the 30 new-age tech companies under Inc42’s coverage stood at $100.25 Bn at the end of the week as against $102.11 Bn at the end of the previous week.
TAC Infosec Soars To New Highs
Shares of cybersecurity company TAC Infosec closed at an all-time high of INR 1,009.05 on Friday. With the rally, the stock has zoomed 247.95% from its listing price of INR 290. The company’s market cap stood at $124.68 Mn (INR 1,057.44 Cr) at the end of the week.
The company said this week that it has become an ioXt Authorized Lab, joining an “exclusive league of only eight companies worldwide”.
ioXt claims to be a global alliance which sets the standard for IoT Security.
“IoT devices are a cornerstone of our digital future, yet they remain highly vulnerable to cyber threats. Being approved as an ioXt Authorized Lab empowers us to ensure manufacturers and enterprises meet global security benchmarks. This milestone is a significant leap in our mission to become the world’s largest vulnerability management company,” TAC Infosec’s CTO Saransh Rawat said.
Fino Payments Bank Slumps
Shares of Fino ended the week over 8% lower at INR 327.45. With the decline, Fino is now down over 40% from its listing price of INR 544.35. The company’s market cap stood at $321.29 Mn (INR 2,724.85 Cr) at the end of the week.
On Monday (December 9), Fino informed the exchanges that it has been slapped a penalty of INR 24.5 Lakh by tax authorities for alleged wrong claim of input tax credit in FY19.
“The bank is evaluating appropriate legal remedy, including appeal, as per law. Based on the bank’s assessment and prevailing law, the bank reasonably expects a favourable outcome at the Appellate level,” it said.
BlackBuck Surges Ahead Of Q2 Results
Shares of BlackBuck parent Zinka Logistics zoomed to an all-time high of INR 460.70, hours before it was scheduled to disclose its financial performance for the second quarter of FY25. On a week-on-week basis, the stock zoomed over 24% to end at INR 423.35. Its market cap stood at $880.94 Mn (INR 7,471.23 Cr) at the end of the week.
The stock has gained 51.71% from its listing price of INR 279.05.
The company released its Q2 numbers after market hours on Friday. In its first financial disclosure post listing, the Flipkart-backed company reported a net loss of INR 308.38 Cr from continuing operations, about 7.8X from INR 39.67 Cr loss it registered in the year-ago quarter.
The company incurred a share based payment expense of INR 320.74 Cr during the quarter under review. Without this exceptional item, it would have posted a profit of over INR 12 Cr from its continuing operations. Revenue from operations rose 56% year-on-year to INR 98.77 Cr in Q2 FY25.
