New-age tech stocks saw another mixed week amid the ongoing broader market turmoil due to ongoing geopolitical tensions. While 31 out of the 57 new-age tech stocks under Inc42’s coverage fell in a range of 0.03% to close to 10% this week, the remaining 26 gained between 0.04% to about 16%.
The list of losers was topped by PB Fintech, with the stock falling 9.86% to end at ₹1,534.6. Investors turned bearish on the insurance aggregator after chairman Yashish Dahiya, in an interview with ET, expressed concerns over reports of IRDAI bringing in caps on distributor commissions.
The second biggest loser this week was ecommerce giant Meesho, whose shares have now fallen across nine consecutive trading sessions. The stock ended the week at ₹165.85, down 9.74% on a weekly basis. Brokerage firm Choice Institutional Equities highlighted that the upcoming six-month lock-in expiry for shares on Tuesday (June 9) is creating a downward pressure.
Meanwhile, Wakefit, Zappfresh, Swiggy and Go Digit plummeted to fresh lows this week. These stocks have been under pressure for weeks now.
BlueStone emerged as the biggest gainer this week, as investor interest in the stock rose following the company’s bullish projections.
The second biggest gainer this week, CarTrade, rose 12.84% to end at ₹1,960.45. The stock jumped in the latter half of the week after Kotak Institutional Equities upgraded its rating to “BUY” from “SELL” earlier. The brokerage also raised its price target to ₹2,300 per share from ₹1,800 apiece previously.
Shares of Kissht, Aye Finance, RateGain, Ather Energy, SEDEMAC, MobAvenue and ideaForge also touched fresh highs this week.
With that, here’s a look at the key developments at new-age tech companies this week.
Ola Electric Gets QIP Boost: With backing from marquee investors like Goldman Sachs, Motilal Oswal, JM Financial, the EV company closed its QIP at ₹780.24 Cr.
ixigo’s Acquisition Spree: The travel tech company’s board approved stake acquisitions in hotel booking startup Brevistay for ₹65.7 Cr, AI surveillance startup ProctAI for ₹7.5 Cr and agentic AI startup Vestra of ₹4.5 Cr.
PhysicsWallah’s Troubled Week: The edtech major’s NBFC plans, announced along with its financials, didn’t sit well with investors, triggering a bloodbath for the shares this week. Later, the company took a U-turn on its ₹120 Cr NBFC investment plan, leading to a jump in share price.
OYO, Kuku Set Sail For D-Street: Hospitality giant OYO’s parent PRISM received SEBI approval for its confidentially filed DRHP this week, while entertainment brand Kuku FM pre-filed its IPO papers.
Nazara Allots Shares Worth ₹474 Cr: The gaming company completed its preferential issue yesterday, raising ₹118.5 Cr from investors like Fidelis Global, S Gupta Family Enterprises, promoter Plutus Investments and Founders Collective Fund.
Awfis’ GST Woes: The coworking major received a fresh GST show-cause notice over alleged discrepancies in FY23 filings, involving a demand of about ₹7.1 Cr.
Block Deals Galore: While SoftBank sold Lenskart shares worth ₹2,873 Cr, Peak XV Partners offloaded ₹100 Cr worth Go Digit shares. Meanwhile, Friale sold Groww shares in a ₹210 Cr block deal.
Paytm Sets Up DLG For Lending Partners: The fintech major approved default loss guarantee arrangements of up to ₹90 Cr each for lenders Muthoot Fincorp and Kisetsu Saison as it looks to scale its loan distribution business under RBI-compliant structures.
Zappfresh Doubles Down On Frozen Snacks: The online meat delivery brand completed the acquisition of subsidiary Avyom Foodtech, revising the terms of the acquisition deal to ₹10 Cr for 100% ownership against the pre-set ₹7.5 Cr investment for 51% stake.
Now, let’s take a look at some of the broader market trends.
Correction Continues In The Broader Market
Indian equity markets ended the week on a subdued note, with benchmark indices declining amid persistent geopolitical tensions and uncertainty around global trade flows. However, supportive domestic macroeconomic factors helped cap the downside.
The Nifty 50 and Sensex fell over 0.5% each during the week to close at 23,366.70 and 74,243.34, respectively. Broader markets remained under pressure, with the midcap index declining more than 1.5% and the smallcap index ending largely flat, indicating selective investor participation.
The RBI’s monetary policy announcement remained the key domestic trigger during the week.
The MPC kept the repo rate unchanged at 5.25% while retaining its neutral stance. However, the RBI raised its FY27 inflation forecast to 5.1% from 4.6% earlier and cut its GDP growth projection to 6.6% from 6.9%.
The central bank flagged elevated energy prices, supply-side disruptions, weaker monsoon expectations and potential El Nino risks as key concerns weighing on the growth outlook.
On the global front, cues remained mixed. Stronger-than-expected manufacturing data from China offered some support to investor sentiment, while economic weakness and sticky inflation in the Eurozone kept markets cautious. Meanwhile, geopolitical tensions, volatility in crude oil prices and elevated US bond yields continued to add to global uncertainty.
India’s provisional GDP data, released after market hours yesterday, provided some positive news for investors. While the real GDP is estimated to have grown by 7.7% in FY26, real GDP growth in Q4 FY26 came in at 7.8%.
Now, let’s take a deeper look at the factors behind the performance of BlueStone and ideaForge this week:
BlueStone Gains On Aggressive Growth Projections
After reporting its first profitable fiscal year in FY26, jewellery retailer BlueStone is banking on aggressive offline expansion to drive its next phase of growth.
In an investor presentation, the company projected annual revenue of ₹12,000 Cr by FY30, nearly 5X higher than its FY26 revenue of ₹2,486 Cr.
BlueStone highlighted its rapid scale-up over the past four years, with revenue growing nearly 12X from ₹211 Cr in FY22 to ₹2,486 Cr in FY26, translating to a CAGR of 83%.
Going ahead, the company expects growth to be driven by both higher sales from existing stores and continued expansion of its retail footprint. It projected a 30% CAGR same-store sales growth (SSSG), while new store additions are expected to contribute 20% CAGR growth.
The company plans to continue expanding its offline network aggressively. It reiterated that while its D2C platform serves as a discovery channel, a majority of transactions are eventually completed offline.
Brokerages also maintained a bullish outlook on the company following the investor presentation. JM Financial retained its ‘Buy’ rating on the stock with a target price of ₹650, implying an upside of around 20% from current levels.
Meanwhile, Nuvama also maintained a positive outlook, citing BlueStone’s expanding store network and improving unit economics as major growth drivers. The brokerage expects growth to accelerate further as newer stores mature, supported by higher repeat purchases, increasing average order values and sustained momentum across both online and offline channels.
The company’s shares ended the week 15.99% higher at ₹554.85.
Strong Week For ideaForge
Shares of drone maker ideaForge rose sharply this week after its board approved plans to raise up to ₹500 Cr via a qualified institutional placement (QIP) or preferential allotment or private placement.
The proposed fundraise is aimed at supporting the company’s acquisition plans, expansion and modernisation initiatives, as well as investments in research and development.
Investor sentiment was further boosted by reports that India is preparing its largest-ever military drone procurement programme worth more than $2 Bn, with the orders expected to be placed entirely with domestic manufacturers.
The accelerated procurement drive is reportedly aimed at meeting urgent operational requirements over the next 18 to 24 months, signalling a broader strategic shift towards unmanned warfare capabilities.
The development is expected to significantly benefit India’s domestic drone manufacturing ecosystem, especially after the government restricted imports of foreign drones to encourage indigenous production.
Shares of the company gained 11.61% to end the week at a fresh 52-week high of ₹943.5.
Edited by Vinaykumar Rai
The post New-Age Tech Stocks: BlueStone, ideaForge Lead Weekly Gains; PB Fintech, Meesho Slip appeared first on Inc42 Media.
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