Budget 2024-25: New-Age Tech Stocks See Mixed Performance, Travel Tech Stocks Gain

SUMMARY

MapmyIndia was the biggest gainer among the new-age tech stocks, surging 8.55% to close the session at INR 2455.50 apiece on the BSE

In the travel tech segment, EaseMyTrip, RateGain and Yatra zoomed 5.42%, 3.54% and 3.17%, respectively

Yudiz emerged as the biggest laggard. Zomato, ideaForge, Fino Payments Bank, PB Fintech were among the other losers today

New-age tech stocks showed mixed reactions to the Union Budget 2024-25, with the travel tech segment emerging as a clear gainer at the end of Tuesday’s trading session on the back of incentives announced to boost the domestic tourism industry.

Twelve out of the 24 new-age tech stocks under Inc42’s coverage gained in a range of 0.5% to 8.4%, while the remaining 12 fell in a range of 0.15% to 3.86%.

Domestic benchmark indices too fell. While BSE Sensex closed 0.09% lower at 80,429.04, Nifty 50 fell 0.12% to 24,479.05.

MapmyIndia was the biggest gainer among the new-age tech stocks, surging 8.55% to close the session at INR 2455.50 apiece on the BSE after finance minister Nirmala Sitharaman announced that land records in urban areas will be digitised with GIS mapping.

In the travel tech segment, EaseMyTrip, RateGain and Yatra zoomed 5.42%, 3.54% and 3.17%, respectively. These stocks got a shot in the arm after the finance minister announced a 46% increase in budgetary allocations for the tourism sector for the fiscal year 2024-25 (FY25).

Tracxn, CarTrade, IndiaMART InterMESH, Nykaa and Paytm were among the other gainers.

Meanwhile, Yudiz emerged as the biggest laggard, with shares of the IT development startup declining more than 3.8% to end the trading session at INR 60.95 apiece on the NSE.

Zomato, ideaForge, Fino Payments Bank, PB Fintech also saw a drop in their share prices today.

The finance minister made a number of announcements for the startup ecosystem, with the biggest one being the abolition of the infamous angel tax.