New-Age Tech Stocks End Final Week Of 2024 On A Mixed Note, MobiKwik Biggest Gainer
Eighteen out of the 31 new-age tech stocks under Inc42’s coverage gained in a range of 0.06% to just a little under 19% this week
Meanwhile, thirteen new-age tech stocks fell in a range of 0.36% to a little under 9% this week, with Swiggy emerging as the biggest loser this week
In the broader market, Sensex ended 0.8% higher at 78,699.07 and Nifty 50 closed the week with gains of 0.9% at 23,813.40
After slipping nearly 5% last week, the Indian equities market saw a slight recovery in the final week of 2024. However, it was a mixed week for new-age tech stocks on the bourses.
Eighteen out of the 31 new-age tech stocks under Inc42’s coverage gained in a range of 0.06% to just a little under 19% this week.
Recently listed fintech major MobiKwik gained the most in its first full week of trade. Its shares ended the week over 18% higher at INR 628.55. The company’s shares receded after touching an all-time high of INR 698.30 on Thursday (December 26).
Meanwhile, NSE SME-listed TAC Infosec and BlackBuck continued last week’s momentum. Shares of TAC Infosec ended the week at an all-time high of INR 1,277.65, an increase of 8.24% from the past week.
Besides, BlackBuck touched an all-time high of INR 548 on Friday, before paring some of the gains to close the day at INR 533.50. The stock rose 5.94% from the previous week.
Travel tech company ixigo also touched an all-time high at INR 196.45 on Thursday. However, the stock gave up some of the gains to end the week at INR 177.85, up 7.59% from the last week.
Shares of CarTrade too touched a fresh all-time high at INR 1,718 on Thursday. However, it fell from there to close the week 3.17% lower from the previous week at INR 1,566.75.
Meanwhile, Unicommerce touched an all-time low this week. However, after touching a fresh low of INR 161, the stock gained to end Friday’s trading session 2.15% higher week-on-week at INR 168.95.
Other gainers of the week included Paytm, Zaggle, Awfis, Delhivery, among others.
On the other hand, 13 new-age tech stocks fell in a range of 0.36% to a little under 9% this week.
Foodtech major Swiggy was the biggest loser, with its shares ending 8.62% lower at INR 546. Its rival Zomato also saw a bearish investor sentiment in its first week at the Sensex. The stock ended the week at INR 271.15, down 3.80% from the past week.
FirstCry, Ola Electric, MapmyIndia, PB Fintech, and DroneAcharya were among the other stocks which ended in the red.
In the broader market, Sensex ended 0.8% higher at 78,699.07 and Nifty 50 closed the week with gains of 0.9% at 23,813.40. However, volatility persisted in the market this week as well and activity was muted.
Commenting on this, Vinod Nair, head of research at Geojit Financial Services, said, “Persistent concerns over FII outflows and the depreciating rupee, along with potential adverse tariffs and reduced expectations for rate cuts in 2025, contributed to the muted market trend. Uncertainty surrounding Donald Trump’s economic policies and high valuations may impact the stock market in the short term, particularly in emerging markets.”
It is pertinent to mention that the stock exchanges were closed on Christmas on December 25.
From a technical standpoint, Hrishikesh Yedve, AVP of technical and derivatives research at Asit C. Mehta Investment Intermediates, said that Nifty 50 has formed an inside bar candlestick pattern, indicating strong demand near the 23,500-23,540 zone.
“The 200-DSMA (Days Simple Moving Average) is placed around 23,860, which will act as an immediate hurdle for Nifty. A sustainable move above this level could drive the index towards 24,000–24,100. On the downside, 23,500 remains a key support. In the immediate term, Nifty is expected to consolidate between 23,500 and 23,900, with a breakout on either side defining its next move,” he said.
The Indian benchmark indices are all set to end 2024 with ninth consecutive year of gains, according to a report by Bajaj Broking. The indices have gained nearly 10% this year.
This bull run also paved the way for 13 new-age tech companies to go public this year. Over 20 such companies are expected to hit the bourses next year.
Meanwhile, managed office space provider IndiQube became the latest new-age tech company to file its draft red herring prospectus (DRHP) this week. Its INR 850 Cr initial public offering (IPO) will comprise a fresh issue of shares worth up to INR 750 Cr and an offer for sale (OFS) of up to INR 100 Cr.
Now, let’s take a look at how 31 new-age tech companies performed this week.
The total market cap of the 31 new-age tech companies under Inc42’s coverage stood at $98.42 Bn at the end of the week as against $101.42 Bn at the end of the previous week.
MobiKwik’s First Trading Week
In its first full week on the bourses, shares of MobiKwik zoomed 18.66% to end at INR 628.55.
The company’s shares have gained 42.12% from their listing price of INR 442.25. Its market cap has also zoomed to $571.80 Mn from its IPO valuation of $250 Mn.
While MobiKwik’s shareholders didn’t part ways with any of their stake in its IPO, Peak XV Partners sold 12.01 Lakh shares at INR 679.38 apiece in a block deal worth INR 81.63 Cr this week.
Ola Electric Slips
The Bhavish Aggarwal-led EV company launched 3,200 new stores on December 25, taking its total count to 4,000 stores in the country. Besides, Ola Electric also launched a limited edition electric scooter ‘Ola S1 Pro Sona’, which comes with 24-karat gold plated elements.
However, the stock saw bearish sentiment this week. Shares of Ola Electric dipped 3.92% to end at INR 90.09. Its market cap also fell to $4.65 Bn at the end of the week.
After market hours on Friday, the company announced the exits of two more top-level executives. Its chief marketing officer (CMO) Anshul Khandelwal and chief technology and product officer (CTPO) Suvonil Chatterjee tendered their resignation with immediate effect on December 27.