24 of 32 new-age tech stocks under Inc42’s coverage in a range of 0.30% to just under 13%

In total, the total market cap of the 32 new-age tech stocks ended the week at $73.86 Bn as against $73.06 Bn at the end of February

While Sensex jumped 1.55% to 74,332.58, Nifty50 gained 1.93% to end the week at 22,552.50

After being under selling pressure for most part of the year so far, the Indian equities market saw signs of recovery this week. Amid uncertainty over US’ tariff war and the announcement of liquidity boosting measures by the Reserve Bank of India (RBI), Indian benchmark indices saw the highest weekly gains in the current calendar year this week. 

In line with this, a majority of new-age tech stocks ended the week in the green. Of the 32 new-age tech stocks under Inc42’s coverage, 24 ended the week with gains in a range of 0.30% to just under 13%. 

Travel tech company TBO Tek emerged as the biggest gainer this week after its shares crashed almost 20% last week. The stock ended the week at INR 1,365.05, up 12.67% on a week-on-week basis. It is pertinent to mention that the company’s shares touched an all-time low of INR 1,138.75 on Monday (March 3) before regaining a large chunk of its lost market capitalisation in the latter half of the week. 

Another company that bounced back from all-time lows to gain substantially this week was DroneAcharya, with its shares gaining 8.94% to end the week at INR 74.68. The dronetech company’s shares touched a fresh 52-week low of INR 66 on Monday before gaining later. 

The third biggest gainer this week was foodtech major Swiggy, whose shares saw a revival after a persistent bearish sentiment. After touching an all-time low at INR 317.15 during intraday trade on Monday (March 3), the company’s shares regained to end the week at INR 360.95. This marks a 7.84% jump from last week’s close. 

During the week, brokerage firm ICICI Securities reiterated its ‘BUY’ rating on Swiggy with a price target (PT) of INR 740. Observing that Swiggy’s shares have seen a correction of about 45% over the past three months, the brokerage said that bearish sentiment for the stock emerged primarily from the company’s lukewarm performance in the quick commerce vertical. 

In the same note, the brokerage also pointed out that a similar bearish investor momentum persisted for Deepinder Goyal-led Zomato. While the sentiment brought down Swiggy’s share prices to about 30% discount to its par value for food delivery business, for Zomato, the stock’s current price doesn’t ascribe any value to its quick commerce business, the brokerage noted. Despite this, shares of Zomato declined 2.23% to end the week at INR 216.80. 

The list of gainers featured multiple other companies whose shares touched fresh lows during the first half of the week before ending the week with gains. EaseMyTrip, Unicommerce, FirstCry, RateGain, MobiKwik, Tracxn, Yatra and ideaForge touched new lows before seeing a revival by the end of the week.

Meanwhile, shares of eight new-age tech companies ended in the red this week. Paytm, PB Fintech, BlackBuck, among others, lost in a range of 0.39% to under 5% during the week. NSE SME-listed Yudiz was the biggest loser this week, with its shares dropping 4.48% to end at INR 42.65. The company’s shares touched an all-time low at INR 40.35 on March 4 before reviving a bit by the end of the week. 

In total, the total market cap of the 32 new-age tech stocks ended the week at $73.86 Bn as against $73.06 Bn at the end of February

What Led To The Relief Rally This Week?

After making clear his intent of imposing a 25% tariff on goods from Mexico and Canada, as well as a 10% tariff on imports from China as early as February, US president Donlad Trump signed executive orders temporarily pausing tariffs on some goods from Mexico and Canada. 

The delay in imposition of tariffs led to a positive movement in emerging markets, including India. “The domestic market finally closed in the green after weeks of relentless selling, primarily due to a rebound in Q3 FY25 GDP and a recovery in consumption. On the tariffs front, the long-awaited tariffs were enacted but later backtracked by delaying their implementation, creating uncertainty among investors. Investors will keep a close eye on payroll data and US inflation to get cues on interest rates,” said Vinod Nair, head of research at Geojit Financial Services. 

On the domestic front, the RBI said it would infuse INR 1.9 Lakh Cr liquidity into the banking system. On March 5, the central bank said that it will carry out open market operation (OMO) purchases of Government of India securities worth INR 1 Lakh Cr in two phases, including the first auction of INR 50,000 Cr scheduled for March 12 and the next tranche on March 18.

The developments led to an uptick in the Indian markets during the week. While Sensex jumped 1.55% to 74,332.58, Nifty50 gained 1.93% to end the week at 22,552.50. 

“Nifty is now approaching its immediate resistance at 22,700 and will require fresh catalysts to break past this level. A potential trigger could be renewed buying interest in banking heavyweights, which have largely stayed on the sidelines during the recent rebound. However, global uncertainties may weigh on sentiment and disrupt this recovery attempt. Given the mixed signals, we recommend maintaining a positive yet cautious stance, with a focus on prudent position sizing,” said Ajit Mishra, SVP of research at Religare Broking.

Meanwhile, foreign institutional investors continued to remain sellers this week. According to NSDL data, FIIs sold equity worth INR 24,753 Cr this week, taking the total to INR 1.37 Lakh Cr in 2025 so far. 

Now, let’s take a detailed look at the performance of some of the new-age tech stocks this week.

Tumultuous Weak For Ola Electric

The first few days of March saw the Bhavish Aggarwal-led electric two wheeler manufacturer reel under investor scrutiny. Shares of the company touched an all time low at INR 53.57 on Tuesday before gaining a bit to end the week at INR 56.54. This still marked a 0.55% decline from last week’s close.

The stock’s price is currently about 26% below its listing price. The company’s market cap stands at $2.86 Bn as against $4 Bn at the time of listing.

There were multiple developments related to the company this week: 

• In a bid to cull losses, Ola Electric is said to be cutting 1,000 jobs. The job cuts will affect multiple departments, including procurement, fulfilment, customer relations and charging infrastructure.
• The ministry of heavy industries (MHI) has issued a notice to the EV major for failing to meet its commitments under the PLI scheme for advanced chemistry cell (ACC).
• Bhavish Aggarwal has pledged an additional 5.88 Cr shares of the EV major to raise debt for his AI unicorn Krutrim.
• The MHI has approved a payment of INR 73.74 Cr to Ola Electric under the PLI scheme for auto and auto components.

PB Fintech Slumps Over 4%

PB Fintech emerged as the third biggest loser this week, with its shares ending the week 4.18% lower at INR 1,398.15. The company’s market cap also declined about 5% to end the week at $7.37 Bn. 

During the week, PB Fintech CEO and cofounder Yashish Dahiya settled an insider trading case with markets regulator Securities and Exchange Board of India (SEBI) by paying INR 9.43 Lakh. 

In its settlement order, SEBI said that Dahiya proposed to settle the proceeding against him without admitting or denying the findings of the case. 

The case pertains to a $2 Mn investment made by PB Fintech FZ-LLC, Dubai in outsourced marketing services provider YKNP Marketing Management in November 2022 to acquire a 26.72% stake in the latter. 

“The said investment was pursuant to approval of the board of directors and was not material in the opinion of the board. However, the same was duly disclosed to the stock exchanges within prescribed timelines. The company had opted for settlement in the said matter by making an application under SEBI (Settlement Proceedings) Regulations, 2018, without admission of guilt,” PB Fintech said in an exchange filing on Wednesday (March 5). 

24 of 32 new-age tech stocks under Inc42’s coverage in a range of 0.30% to just under 13%

In total, the total market cap of the 32 new-age tech stocks ended the week at $73.86 Bn as against $73.06 Bn at the end of February

While Sensex jumped 1.55% to 74,332.58, Nifty50 gained 1.93% to end the week at 22,552.50

After being under selling pressure for most part of the year so far, the Indian equities market saw signs of recovery this week. Amid uncertainty over US’ tariff war and the announcement of liquidity boosting measures by the Reserve Bank of India (RBI), Indian benchmark indices saw the highest weekly gains in the current calendar year this week. 

In line with this, a majority of new-age tech stocks ended the week in the green. Of the 32 new-age tech stocks under Inc42’s coverage, 24 ended the week with gains in a range of 0.30% to just under 13%. 

Travel tech company TBO Tek emerged as the biggest gainer this week after its shares crashed almost 20% last week. The stock ended the week at INR 1,365.05, up 12.67% on a week-on-week basis. It is pertinent to mention that the company’s shares touched an all-time low of INR 1,138.75 on Monday (March 3) before regaining a large chunk of its lost market capitalisation in the latter half of the week. 

Another company that bounced back from all-time lows to gain substantially this week was DroneAcharya, with its shares gaining 8.94% to end the week at INR 74.68. The dronetech company’s shares touched a fresh 52-week low of INR 66 on Monday before gaining later. 

The third biggest gainer this week was foodtech major Swiggy, whose shares saw a revival after a persistent bearish sentiment. After touching an all-time low at INR 317.15 during intraday trade on Monday (March 3), the company’s shares regained to end the week at INR 360.95. This marks a 7.84% jump from last week’s close. 

During the week, brokerage firm ICICI Securities reiterated its ‘BUY’ rating on Swiggy with a price target (PT) of INR 740. Observing that Swiggy’s shares have seen a correction of about 45% over the past three months, the brokerage said that bearish sentiment for the stock emerged primarily from the company’s lukewarm performance in the quick commerce vertical. 

In the same note, the brokerage also pointed out that a similar bearish investor momentum persisted for Deepinder Goyal-led Zomato. While the sentiment brought down Swiggy’s share prices to about 30% discount to its par value for food delivery business, for Zomato, the stock’s current price doesn’t ascribe any value to its quick commerce business, the brokerage noted. Despite this, shares of Zomato declined 2.23% to end the week at INR 216.80. 

The list of gainers featured multiple other companies whose shares touched fresh lows during the first half of the week before ending the week with gains. EaseMyTrip, Unicommerce, FirstCry, RateGain, MobiKwik, Tracxn, Yatra and ideaForge touched new lows before seeing a revival by the end of the week.

Meanwhile, shares of eight new-age tech companies ended in the red this week. Paytm, PB Fintech, BlackBuck, among others, lost in a range of 0.39% to under 5% during the week. NSE SME-listed Yudiz was the biggest loser this week, with its shares dropping 4.48% to end at INR 42.65. The company’s shares touched an all-time low at INR 40.35 on March 4 before reviving a bit by the end of the week. 

In total, the total market cap of the 32 new-age tech stocks ended the week at $73.86 Bn as against $73.06 Bn at the end of February

What Led To The Relief Rally This Week?

After making clear his intent of imposing a 25% tariff on goods from Mexico and Canada, as well as a 10% tariff on imports from China as early as February, US president Donlad Trump signed executive orders temporarily pausing tariffs on some goods from Mexico and Canada. 

The delay in imposition of tariffs led to a positive movement in emerging markets, including India. “The domestic market finally closed in the green after weeks of relentless selling, primarily due to a rebound in Q3 FY25 GDP and a recovery in consumption. On the tariffs front, the long-awaited tariffs were enacted but later backtracked by delaying their implementation, creating uncertainty among investors. Investors will keep a close eye on payroll data and US inflation to get cues on interest rates,” said Vinod Nair, head of research at Geojit Financial Services. 

On the domestic front, the RBI said it would infuse INR 1.9 Lakh Cr liquidity into the banking system. On March 5, the central bank said that it will carry out open market operation (OMO) purchases of Government of India securities worth INR 1 Lakh Cr in two phases, including the first auction of INR 50,000 Cr scheduled for March 12 and the next tranche on March 18.

The developments led to an uptick in the Indian markets during the week. While Sensex jumped 1.55% to 74,332.58, Nifty50 gained 1.93% to end the week at 22,552.50. 

“Nifty is now approaching its immediate resistance at 22,700 and will require fresh catalysts to break past this level. A potential trigger could be renewed buying interest in banking heavyweights, which have largely stayed on the sidelines during the recent rebound. However, global uncertainties may weigh on sentiment and disrupt this recovery attempt. Given the mixed signals, we recommend maintaining a positive yet cautious stance, with a focus on prudent position sizing,” said Ajit Mishra, SVP of research at Religare Broking.

Meanwhile, foreign institutional investors continued to remain sellers this week. According to NSDL data, FIIs sold equity worth INR 24,753 Cr this week, taking the total to INR 1.37 Lakh Cr in 2025 so far. 

Now, let’s take a detailed look at the performance of some of the new-age tech stocks this week.

Tumultuous Weak For Ola Electric

The first few days of March saw the Bhavish Aggarwal-led electric two wheeler manufacturer reel under investor scrutiny. Shares of the company touched an all time low at INR 53.57 on Tuesday before gaining a bit to end the week at INR 56.54. This still marked a 0.55% decline from last week’s close.

The stock’s price is currently about 26% below its listing price. The company’s market cap stands at $2.86 Bn as against $4 Bn at the time of listing.

There were multiple developments related to the company this week: 

• In a bid to cull losses, Ola Electric is said to be cutting 1,000 jobs. The job cuts will affect multiple departments, including procurement, fulfilment, customer relations and charging infrastructure.
• The ministry of heavy industries (MHI) has issued a notice to the EV major for failing to meet its commitments under the PLI scheme for advanced chemistry cell (ACC).
• Bhavish Aggarwal has pledged an additional 5.88 Cr shares of the EV major to raise debt for his AI unicorn Krutrim.
• The MHI has approved a payment of INR 73.74 Cr to Ola Electric under the PLI scheme for auto and auto components.

PB Fintech Slumps Over 4%

PB Fintech emerged as the third biggest loser this week, with its shares ending the week 4.18% lower at INR 1,398.15. The company’s market cap also declined about 5% to end the week at $7.37 Bn. 

During the week, PB Fintech CEO and cofounder Yashish Dahiya settled an insider trading case with markets regulator Securities and Exchange Board of India (SEBI) by paying INR 9.43 Lakh. 

In its settlement order, SEBI said that Dahiya proposed to settle the proceeding against him without admitting or denying the findings of the case. 

The case pertains to a $2 Mn investment made by PB Fintech FZ-LLC, Dubai in outsourced marketing services provider YKNP Marketing Management in November 2022 to acquire a 26.72% stake in the latter. 

“The said investment was pursuant to approval of the board of directors and was not material in the opinion of the board. However, the same was duly disclosed to the stock exchanges within prescribed timelines. The company had opted for settlement in the said matter by making an application under SEBI (Settlement Proceedings) Regulations, 2018, without admission of guilt,” PB Fintech said in an exchange filing on Wednesday (March 5).