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Swiggy Emerges Biggest Winner In A Mixed Week For New-Age Tech Stocks, FirstCry Slumps
- In a mixed week for the Indian equity market, new-age tech stocks saw varied performances with Swiggy emerging as the biggest winner.
- The market cap of new-age tech companies increased to $88.16 Bn, despite a majority ending the week in the red.
- Swiggy's shares rose by 10.09%, while FirstCry slumped by 10.18% to end the week.
- Other gainers included Go Digit, Ather Energy, Nykaa, PB Fintech, and IndiaMART.
- Among the losers were companies like Ola Electric, MobiKwik, and DroneAcharya.
- Notable IPO filings included Shiprocket, Groww, PhysicsWallah, and boAt, with Ather Energy being the only one to go public so far this year.
- Benchmark indices Sensex and Nifty 50 ended the week in the green, rising 1.6% each.
- Market sentiment was positive due to improving macroeconomic indicators, FII buying, and RBI's relaxation of project financing norms.
- Swiggy reported a significant rise in market cap and launched a new concierge service, 'Crew'.
- FirstCry faced insolvency troubles as shareholders filed a petition against its subsidiary, GlobalBees Brands.
- Overall, the week saw a mix of gains and losses for new-age tech stocks amid positive market trends.
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