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New-Age Tech Stocks’ M-Cap Surges $5 Bn, FirstCry & Eternal Gain Big
- The Indian equity market saw a strong rally following a repo rate cut by RBI, leading new-age tech stocks to add over $5 Bn in market cap.
- Nineteen out of 33 new-age tech stocks gained this week, with Menhood parent Macobs Technologies showing no movement.
- FirstCry's shares rallied the most, gaining 18.73% and boosting its market cap from $2.1 Bn to $2.5 Bn.
- Dronetech companies like ideaForge and DroneAcharya also saw notable increases this week.
- Paytm, Nykaa, ixigo, BlackBuck, Ather Energy, and MobiKwik were among the gainers in the market.
- Yudiz Solutions recorded the biggest loss, while Ola Electric faced bearish investor sentiment.
- In the broader market, Sensex gained 0.9% and Nifty 50 gained over 1% by the end of the week.
- The market reacted positively to the RBI's rate cut, strong US jobs data, and other favorable indicators.
- Flipkart offloaded its stake in BlackBuck, and Swiggy and Eternal witnessed gains on positive brokerage reports.
- Morgan Stanley revised price targets for Swiggy and Eternal, projecting positive growth in the food delivery and quick commerce sectors.
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