New-Age Tech Stocks Gain $7 Bn Amid Broader Market Bull Run, Zaggle & ixigo Surge

Buoyed by positive developments on the geopolitical front and better-than-expected Q4 results, the Indian equity market saw one of the best trading weeks in recent years. After a massive rally on Monday (May 12), the bullish momentum continued throughout the week, with benchmark indices gaining nearly 4%. 

In line with this, all 33 new-age tech stocks under Inc42’s coverage ended the week in the green. New-age tech stocks gained in a range of 0.83% to close to 35% this week. 

With this, new-age tech stocks gained over $7 Bn in total market capitalisation, ending the week at $86.22 Bn as against $79.11 Bn at the end of last week.

Shares of last week’s biggest loser, cybersecurity company TAC Infosec, gained the most this week. The stock skyrocketed 34.86% to end at INR 1,362. It touched a fresh all-time high at INR 1,437.95 during the intraday trading on Thursday (May 15).

The upward momentum came after the company announced bagging a service order worth INR 2.3 Cr from the Government of India. 

“The order has been issued for providing cyber security assessment services to the department of Govt India. This engagement reaffirms our potential presence of warfare and cyberattacks to strengthen the government sector and our continued commitment to securing critical infrastructure of the country in the warfare,” it said on Wednesday (May 14).

Meanwhile, ideaForge gained 21% to end at INR 560.45. The company’s shares, along with other defence-related companies, have been on a bull run since India announced ‘Operation Sindoor’ earlier this month, which led to a brief conflict with Pakistan. 

ideaForge’s competitor DroneAcharya also gained 16.97% to end the week at INR 79.69. This week, the company also announced that it is putting on hold its plan to merge with AITMC as both evaluate the current market opportunities individually. 

Amid the list of gainers, shares of gaming major Nazara Technologies touched a fresh 52-week high at INR 1,263.55 during the intraday trading on Friday (May 16), before ending at INR 1,258.85. This was an increase of 13.95% from last week. The stock has skyrocketed over 100% from a share price of INR 621 on the same day last week. 

PB Fintech, Zaggle, ixigo, Ather Energy and Delhivery, which disclosed their Q4 FY25 financials this week, saw their shares zoom 8.74%, 29.89%, 16.44%, 5.12% and 6.73%, respectively.

Bulls Return To Indian Market 

After three weeks of consolidation, benchmark indices gained on favourable cues this week. While Sensex jumped 3.6% to end at 82,330.59, Nifty 50 gained close to 4.2% to end at 25,019.80.

As per Ajit Mishra, senior vice president of research at Religare Broking, the upward momentum was driven primarily by the announcement of a ceasefire between India and Pakistan over the previous weekend. As a result of this, the markets gained close to 4% on Monday.

Adding to this, a key development that impacted market movement was the easing of tariff tensions between the US and China.

Last weekend, the two countries agreed to rationalise tariffs for imports into their territories. While the US will reduce the tariffs to 30% from 145%, Chinese duties on the US imports will fall to 10% from 125%. 

“Markets are also factoring in the potential resolution of other major geopolitical conflicts and easing trade disruptions, which could further support global equity markets,” said Vinod Nair, head of research at Geojit Investments. 

This positive momentum also led to foreign institutional investors (FIIs) going on a buying spree. FIIs have bought equity worth about INR 23.8K Cr so far in May. 

Geojit’s CIS VK Vijayakumar noted that the improvement in the FII interest in India is due to the country’s strong growth prospects. 

“The growth prospects in the US, China, Japan and the EU continue to be challenging while India is expected to clock a growth rate of above 6% in FY26. Importantly, with inflation in India very much under control and the MPC expected to cut rates twice or thrice more in this rate cutting cycle, the macro construct in India looks good,” he said. 

Now, let’s take a look at how the week went for Zaggle and ixigo. 

Zaggle’s Q4 Profit Surges Over 60% 

The fintech SaaS company’s shares embarked on a significant bull run this week after it released its Q4 financials on Monday (May 12). The stock ended the week at INR 439.35, up 29.89%. However, the stock is still down 19.39% year to date. 

Zaggle’s consolidated net profit surged 62% to INR 31.1 Cr in Q4 FY25 from INR 19.2 Cr in the year-ago quarter. Operating revenue also rose nearly 51% YoY to INR 412.1 Cr. The company said that this was its highest-ever revenue, adjusted EBITDA and PAT in a quarter.

In its investor presentation, Zaggle said that healthy YoY growth in Zaggle Zoyer, Propel and Save platforms, new user additions, and cross-selling initiatives bolstered the top line.

Notably, Zaggle bagged new customers like PhysicsWallah, Honasa Consumer, Tech Mahindra, Forbes Marshall, among others, during the quarter. 

ixigo Rallies On Strong Results

The online travel aggregator’s (OTA) shares zoomed 16.44% to end the week at INR 177.05. Meanwhile, its market cap rose to $810 Mn as against $690 Mn at the end of Friday. 

ixigo reported its Q4 numbers on Wednesday (May 14), with its net profit skyrocketing 127% YoY to INR 16.8 Cr. Operating revenue grew 72% to INR 284.1 Cr during the quarter under review from INR 164.9 Cr in Q4 FY24. 

Its gross transaction value zoomed 65% YoY to INR 4,418.4 Cr during the quarter under review. The monthly active user base surged to 83.6 Mn at the end of the quarter on the back of 31.2 Mn fresh downloads for ixigo’s app.

On the back of ixigo’s “blockbuster quarter”, brokerage JM Financial reiterated its ‘Buy’ rating for the OTA and increased its price target to INR 195 from INR 180 earlier. 

“We expect ixigo to continue to deliver above-market growth in the near term on the back of effective cross-sell of services across its various apps, immense focus on superior customer experience and robust traction for its differentiated value-added services,” the brokerage firm said.