SUMMARY

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

Overall, twenty seven of the 37 new-age tech stocks gained this week, rising 0.12% to about 33%

The cumulative market cap of new-age tech companies zoomed $5 Bn from last week to $107.09 Bn

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’s 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. 

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. 

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.

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. 

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 for up to $125 Mn. 

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. 

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. 

Gaming major Nazara Technologies continued to be under pressure this week, with its shares falling 4.36% to INR 1,107.75.

The stock has declined over 21% since August 19, when the Union Cabinet approved the Bill banning real money gaming (RMG).

The ban effectively nullifies Nazara’s INR 1,000 Cr bet on PokerBaazi. The company, which is considering writing off the investment, terminated its deal to acquire an additional stake in the startup this week. 

Other losers this week included Zaggle, Fino Payments Bank, ArisInfra, Go Digit. 

Tech Startups Rush To Dalal Street 

Amid the bullish market sentiment, multiple new-age tech companies took definitive steps towards their public listings. 

Following SEBI’s approval for its IPO, Urban Company promptly filed its RHP for INR 1,900 Cr public issue. The IPO, which is slated to open on September 10 with a price band of INR 98 to INR 103 per share, pegs Urban Company’s post-issue valuation at $1.6 Bn at the upper end of the price band. 

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boAt also secured SEBI approval 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.

Meanwhile, coworking startup DevX also filed its RHP 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.

Last week, supply chain solutions provider LEAP India filed its DRHP to raise up to INR 2,400 Cr – 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.

Now, let’s take a look at the performance of the broader market this week. 

GST Reforms Drive Market Gains

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.

Religare’s 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 24,280–24,400 zone now offers immediate support. 

The bullish sentiment this week came on the back of a stronger-than-expected 7.8% GDP growth in Q1 — the fastest in five quarters. Besides, the GST Council’s decision to move to a dual tax slab of 5% and 18% for most of the items also injected optimism. 

However, persistent FII outflows and uncertainties around US inflation and monetary policy continued to be a drag. 

According to Geojit Investments’ Vinod Nair, market sentiment is expected to be mixed in the coming weeks. “Domestic 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,” he said. 

With that, let’s take a look at the performance of BlueStone and MobiKwik this week.

MobiKwik Shines After Prolonged Bearish Momentum

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. 

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).  

The rally allowed early investor Abu Dhabi Investment Authority to exit the company. The investor sold its entire shareholding of 16.44 Lakh shares, or 2.1% stake in the company, at INR 238.45 apiece, netting INR 39 Cr. 

Amid the bull run, MobiKwik announced its subsidiary Zaakpay’s strategic partnership with ONDC Network’s public transit agency Capital Region Urban Transport (CRUT) to launch a chat-based bus ticketing service across Odisha.

“This initiative aims to simplify and digitise public transport access for over 24 Mn annual commuters and approximately 36 Mn rides across the state,” the company said. 

Despite the rally this week, MobiKwik’s shares are trading 33.61% below their listing price. The stock is down 52% year to date. 

BlueStone Surges On Strong Q1 Performance

Recently listed new-age tech jewellery brand BlueStone saw its shares zoom to a fresh all-time high of INR 628.60 on Friday, a day after it released its Q1 financials. 

The company reported a 41% YoY and 32% QoQ decline in its consolidated net loss to INR 34.7 Cr in Q1 FY26. Operating revenue zoomed 42% YoY and 7% QoQ to INR 492.7 Cr during the quarter under review. 

BlueStone said its EBITDA profit for the quarter stood at INR 54.7 Cr, a multifold jump from INR 2 Cr in the year-ago quarter and a 118% increase.

BlueStone CEO Gaurav Singh Kushwaha said that the improvement was driven by healthy same-store sales growth and expansion of its omnichannel footprint. 

BlueStone’s shares have gained 19% from their listing price. The company made its stock market debut on August 19, listing at INR 508.80 per share on the BSE. 

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