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33 new-age tech stocks under Inc42’s coverage added over $5 Bn in market cap to end the week with a cumulative market capitalisation of $91.07 Bn

Nineteen out of the 33 new-age tech stocks gained in a range of 0.15% to slightly under 19% this week

The Indian market ended the week on a bullish note with the Sensex gaining 0.9% to end the week at 82,188.99 and Nifty 50 zooming over 1% to end at 25,003.05

The Indian equity market ended the week with a strong rally following the RBI’s decision to cut repo rate by 50 basis points (bps). In line with this, new-age tech stocks under Inc42’s coverage added over $5 Bn in market cap to end the week with a cumulative market capitalisation of $91.07 Bn.

Nineteen out of the 33 new-age tech stocks gained in a range of 0.15% to slightly under 19% this week. While shares of Menhood parent Macobs Technologies ended the week with no movement, 13 companies saw a decline in a range of 0.71% to under 9%.

Dronetech companies ideaForge and DroneAcharya continued their rally this week, gaining 10.88% and 8.52%, respectively. This week, DroneAcharya yet again deferred the disclosure of its financial statement for FY25. The company said it would release its results on June 20 now.

In the list of gainers, Paytm rallied 8.11% to end the week at INR 962.50. Continuing its international expansion, the Vijay Shekhar Sharma-led company incorporated a new wholly owned subsidiary in Singapore to expand its merchant payments and financial services stack in the Southeast Asian nation.

Go Digit shares continued to rally this week, gaining 2.5% to end at INR 351.55. The company’s shares saw an uptick in the latter half of the week after reports surfaced that the Ministry of Road Transport and Highways is mulling an average increase of 18% in motor third-party premiums, with a potentially steeper hike of 20-25% for certain vehicle categories.

The list of gainers also featured the likes of Nykaa, ixigo, BlackBuck, Ather Energy, MobiKwik, among others.

NSE SME-listed Yudiz Solutions emerged as the biggest loser, with its shares plunging 8.91% to end the week at INR 29.65.

Ola Electric’s shares continued to see a bearish investor sentiment this week as reports said that its CEO Bhavish Aggarwal paid around INR 20 Cr to top up collateral for his borrowings for Ola Krutrim against the company’s shares.

Now, let’s take a look at what happened in the broader market this week.

Markets Cheer RBI’s Rate Cut a

Breaking the bearish investment sentiment, the benchmark indices gained big this week. While Sensex gained 0.9% to end the week at 82,188.99, Nifty 50 gained over 1% to end at 25,003.05.

The week started off with subdued investor sentiment due to uncertainty over the ongoing global trade tensions. However, the market picked up in the latter half of the week, particularly on Friday, after the RBI cut repo rate by 50 bps.

Analysts believe that the rate cut will serve as a catalyst for growth.

“The announcement reflects a clear intent to support inflation-adjusted growth, with a continued focus on maintaining inflation to the earlier set target of 4%, supported in a sustained manner by easing food prices. This creates an environment conducive for lending in the credit and banking ecosystem as the economy gears up for the next phase of growth,” Rajendra Kumar Setia, MD & CEO of SK Finance, said.

Besides the repo rate, the market’s bull run was supported by other indicators like strong US jobs data and expectations of easing US-China trade tensions, strong Q4 GDP growth and GST collections, and a favourable monsoon.

“While China’s rare earth restrictions pose long-term risks and investors await the inflation print in the US, the aggressive RBI rate cut, backed by cooling inflation and a steady GDP outlook, is likely to support investor confidence amidst the ongoing global uncertainties,”  said Vinod Nair, research head of Geojit Investments, said.

Now, let’s take a detailed look at the performance of some of the stocks this week.

Flipkart Offloads Complete Stake In BlackBuck

Logistics major BlackBuck’s shares declined 0.71% to end at INR 440 this week. During the week, Flipkart sold its complete stake in the company.

As the ecommerce giant prepares for its IPO, it’s shedding non-core assets. On June 3, its Singapore-based entity, Quickroutes International, offloaded its entire 9.01% stake in BlackBuck for INR 671.8 Cr across two tranches.

A substantial portion of these divested shares were acquired by the likes of Abu Dhabi Investment Authority (ADIA), ICICI Prudential Mutual Fund, Massachusetts Institute of Technology (MIT), and SBI Mutual Fund.

The stake sale came less than a week after BlackBuck reported a profitable Q4 FY25. The company posted a consolidated net profit of INR 280.1 Cr in Q4 FY25, a significant turnaround from a net loss of INR 90.8 Cr in the year-ago quarter.

The profit, however, was boosted by a tax credit of INR 245 Cr. Without it, BlackBuck would have recorded a profit of INR 35.1 Cr. For the full fiscal year FY25, BlackBuck reported a net loss of INR 8.6 Cr, a substantial improvement from a loss of INR 193.9 Cr in FY24.

Swiggy, Eternal Gain On Positive Brokerage Reports

Shares of foodtech majors Swiggy and Eternal saw significant gains this week. While Swiggy jumped 13.01% to end at INR 374.75, Zomato gained 9.72% to close the week at INR 261.95.

The uptrend for both companies came on the back of positive brokerage reports, particularly by Morgan Stanley, which offered a bullish outlook on the Indian food delivery and quick commerce sectors.

Morgan Stanley raised its price target for Swiggy to INR 413.85, citing improvement in execution for the food delivery vertical, the expanding total addressable market (TAM) for quick commerce, and the company’s aggressive investments in the space.

The brokerage projects Swiggy’s current market share trends to sustain, with its food delivery business expected to grow at a 15.8% CAGR from FY25-FY28. In the quick commerce segment, the firm anticipates that overall TAM growth will help Swiggy regain some market share. It expects its gross order value (GOV) to grow at a robust 63% CAGR during FY25-FY28.

Notably, Swiggy’s consolidated net loss increased 95% YoY in Q4 FY25 to INR 1,081.2 Cr, primarily due to quick commerce expansion, though operating revenue saw a healthy 45% YoY uptick to INR 4,410 Cr.

For Eternal, Morgan Stanley reaffirmed its ‘Overweight’ rating and a price target of INR 320. The brokerage cited Eternal’s leadership position in both food delivery and quick commerce, coupled with a leaner cost structure and strong balance sheet as the reason behind this.