Mixed Day For New-Age Tech Stocks Amid Rally In Broader Market, DroneAcharya Biggest Gainer

Indian new-age tech stocks ended in a mixed territory on Monday (September 16) despite a rally in the broader market, with Sensex and Nifty50 hitting fresh lifetime highs.

Twelve out of the 28 new-age tech stocks under Inc42’s coverage gained in a range of 0.33% to just under 10% today. Drone startup DroneAcharya emerged as the biggest gainer, with its shares jumping as much as 9.44% to settle at INR 155.4 apiece on the BSE.

The buying interest in the stock has surged after the company’s bullish growth forecast for the financial year 2024-25 (FY25). In an exchange filing last week, DroneArcharya said it is expecting a 200% growth in its revenue, EBITDA and profit after tax (PAT) in FY25. Following this, the stock hit the 20% upper circuit on Friday (September 13).

Fintech giant Paytm, market intelligence startup Tracxn, drone manufacturer ideaForge, SaaS cybersecurity startup TAC Infosec, logistics unicorn Delhivery and gaming major Nazara were among the other major gainers today.

Earlier today, Inc42 reported that JM Financials has initiated coverage on ideaForge with a “buy” rating at a price target of INR 845 per share, implying an upside potential of almost 18% from the stock’s close today.

On the other hand, sixteen out of the 28 new-age tech stocks tracked by Inc42 fell in a range of 0.36% to 3.64% today, with recently listed men’s grooming brand Menhood emerging as the biggest loser. Shares of Macobs Technologies, the parent company of Menhood, slipped to INR 123.4 apiece on NSE Emerge.

Bhavish Aggarwal-led Ola Electric, coworking space provider Awfis, recently listed kids focussed omnichannel retailer FirstCry were among the other major laggards today. 

Meanwhile, benchmark equity indices Sensex and Nifty50 hit record highs today, buoyed by a rally in metal stocks amid a weaker US dollar and favourable US rate cut outlook. The 30-share BSE Sensex rose 0.12% to settle at a record closing high of 82,988.78.

The NSE Nifty50 also surged 0.30% to reach a new all-time intraday peak of 25,445.7. The index ended the day 0.11% higher at 25,383.75.

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