Ather, Ola Electric Gain Big In A Mixed Week For New-Age Tech Stocks

While the broader equities market extended their winning streak for the third consecutive week, new-age tech stocks saw a mixed investor response this week. Of the 41 new-age tech stocks under Inc42’s coverage, 21 gained in a range of 0.29% to over 25% while 19 declined in a range of 0.08% to over 15%. 

To note, NSE SME listed TAC Infosec undertook its first bonus issue on Wednesday.  The company’s shares have rallied 12% over the remaining two sessions since the stock split,

Shares of Zappfresh parent DSM Fresh Foods, which have been on a bull run since its listing, gained the highest 25.04% this week to end at INR 165.43. The BSE SME-listed stock touched an all-time high of INR 165.94 during the intraday trading on Friday (Oct 17). 

Paytm, ixigo, Menhood (Macobs Technologies), BlackBuck and Eternal also touched fresh all-time highs this week. Meanwhile, EaseMyTrip, Urban Company and DroneAcharya touched fresh lows this week. 

Recently listed DevX touched a fresh low of INR 42.55 on Friday, before recovering slightly to end the week at INR 42.71. This was still a 15.16% week-on-week decline, making the company the biggest loser this week. 

Amid the mixed week, the total market cap of the 41 new-age tech companies stood at $113.17 Bn at the end of the week as against $112.46 Bn last week.

With that, let’s take a look at the key developments at these companies this week: 

• EV maker Ather Energy’s shares continued their rally this week, touching an all-time high of INR 702.90 on Friday before settling down at INR 693 by the end of the week. The company’s shares have now grown 113% from their listing price and 127% YTD. Speaking with Inc42 earlier last week, Simranjeet Singh Bhatia, senior equity research analyst, Almondz Group, said he expects the company to maintain momentum on the back of its strong improvement in operating parameters, expanding market reach, and increasing market share across regions.
• MapmyIndia announced that it will soon sign a MoU with the Indian Railways for its map offering Mappls. The company’s shares rallied following the announcement and ended the week 8.11% higher at INR 1,841.35. 
• Market intelligence platform Tracxn entered into an agreement with TMX Group’s information services division TMX Datalinx to be the latter’s “exclusive Canadian provider for delivering private market intelligence to financial institutions”. This led to an increase in investor interest in the company and its shares closed the week 5.53% higher at INR 54.18.
• Fintech major Paytm approved an internal restructuring plan to bring several of its financial and technology subsidiaries under direct ownership. The company’s shares rose 3.93% to end the week at INR 1,285.35. 
• Yatra Online said that NCLT Mumbai approved its composite amalgamation scheme with six subsidiaries this week, pending filing of the certified order. The stock gained 3.63% to end the week at INR 168.25. 
• NSE SME-listed TAC Infosec’s net profit surged 138% YoY to INR 15.6 Cr in H1 FY26. Operating revenue jumped 137% YoY to INR 29.5 Cr. The company’s shares also started trading ex-bonus this week post its 1:1 bonus issue. 
• EaseMyTrip’s board approved the acquisition of 49% stake each in leisure-focussed travel booking platform Javaphile Hospitality, sports entertainment startup Doodles, real estate entity SSL Nirvana Grand Golf Developers, and Levo Beauty on Friday. 
• B2B ecommerce company IndiaMART’s net profit plunged 39% YoY to INR 82.7 Cr in Q2 FY26 despite a 13% YoY uptick in its revenue to INR 391 Cr. 

With that, let’s take a look at what happened in the broader market

Broader Market Gains on Strong Domestic Cues, Global Optimism

The Indian equity market extended its winning streak for the third consecutive week, supported by strong domestic cues and positive global sentiment.

While the tone remained subdued in the initial sessions due to renewed trade tensions between the US and China, sustained institutional buying and better-than-expected corporate earnings lifted the benchmark indices as the week progressed. 

Nifty 50 surged 1.68% to close the week at 25,709.85 and the Sensex advanced 1.76% to end at 83,952.19.

According to Ajit Mishra, SVP of research at Religare Broking, sentiment improved at the behest of improvement in certain macroeconomic indicators. 

Retail inflation (CPI) eased to 1.54% in September 2025 from 2.07% in August, aided by a favourable base effect and softer prices of food, fuel, and household essentials. Wholesale inflation (WPI), too, moderated to 0.13% in September, reflecting broad-based price cooling across key commodities.

“Looking ahead, the trajectory of Indian equities will be shaped by the ongoing earnings season and policy signals from major global central banks. Market optimism was bolstered by clarity in India-US trade relations, with both sides tentatively agreeing to conclude the first phase of the deal by November,” Vinod Nair, head of research at Geojit Investments, noted. 

Investors will also keep an eye on the Q2 earnings disclosures by companies. 

Now, let’s take a deeper look at the performance of Ola Electric and Eternal this week. 

Investors Cheer Ola Electric’s Battery Storage Foray 

Ola Electric unveiled its battery energy storage system (BESS), Ola Shakti, this week. 

Priced from INR 29,999, the offering marks the two-wheeler EV maker’s foray into the $12 Bn battery energy storage market. Ola Shakti, powered by the company’s indigenously developed 4680 Bharat Cells, is fully made in India and available in multiple configurations up to 9.1 kWh.

The modular system can power home appliances and withstand Indian weather conditions. Its deliveries are slated to begin in January 2026.

Ola Electric CEO Bhavish Aggarwal said that the foray in the battery storage segment was the “natural next step” in leveraging the company’s EV battery tech and Gigafactory capacity for household energy needs. 

The move will open a new revenue stream for the company which has been seeing a decline in its market share in the two-wheeler EV market. In September, Ola Electric’s market share fell to around 12%. 

Investors responded positively to the new announcement this week, with the stock jumping 15.24% to recover from a five-week losing streak. 

Eternal’s Mixed Q2 Show

Eternal, the parent company of Zomato and Blinkit, reported a 63% decline in consolidated net profit in Q2 FY26 to INR 65 Cr from INR 176 Cr in the year-ago quarter. On a sequential basis, profit rose 160% from INR 25 Cr. 

The company’s revenue jumped nearly 183% YoY to INR 13,590 Cr, driven primarily by Blinkit’s transition to an inventory-led model, which resulted in the quick commerce arm’s revenue soaring 8.5X to INR 9,891 Cr. The core food delivery business’ revenue grew moderately to INR 2,485 Cr, with its net order value (NOV) increasing 14% YoY and 5% QoQ to INR 9,423Cr.

Total expenses zoomed 189% YoY to INR 13,813 Cr, fuelled by a 5.8X rise in cost of materials and growing logistics and advertising spends. Eternal’s consolidated adjusted EBITDA declined 32% YoY to INR 224 Cr but grew 30% sequentially. Blinkit added 272 dark stores, expanding its network to 1,816 stores, with plans to reach 3,000 by March 2027.

B2B vertical Hyperpure’s revenue declined 31% YoY to INR 1,023 Cr due to Blinkit’s transition to inventory model. Eternal also expanded its going-out app ‘District’ to the UAE. 

While investors were bullish on the company ahead of the Q2 disclosures, with its shares touching a fresh all-time high of INR 368.40 on Thursday (October 16), the stock came under pressure after the Q2 numbers were declared.

On Friday, shares of Eternal declined 1.64% to end the week at INR 342.7. On a week-on-week basis, the stock fell 1.62%. 

(Edited by: Vinaykumar Rai)