New-Age Tech Stocks Rally A Day After Budget; Zaggle Biggest Winner

SUMMARY

At least nineteen out of the 24 new-age tech stocks under Inc42’s coverage were trading in green a day after the government announced the Budget for FY25

Zaggle emerged as the biggest winner, with its shares jumping 7.1% intraday on the BSE on Wednesday at INR 322.90 apiece

MapmyIndia, Paytm, RateGain and Mamaearth were the only laggards

A majority of new-age tech stocks were trading in green today (July 24), signalling buoyed investor sentiment, a day after startups got a shot in arm with the government scrapping angel tax in the Union Budget 2024-25.

At least nineteen out of 24 new-age tech stocks under Inc42’s coverage jumped intraday on the BSE in the range of 0.98% to 7.1%, with Zaggle emerging as the biggest winner.

Shares of Zaggle opened today’s trading session at INR 306, up over 2% from the previous close. The stock jumped 7.1% intraday at INR 322.90 per share and was trading 5.32% higher at INR 315.80 apiece on the BSE at 1:28 PM.

CarTrade, Awfis, ixigo and Nazara were among other gainers.

Meanwhile, the remaining new-age tech stocks being tracked by Inc42 fell in the range of 1.13% to 2.78%, with MapmyIndia emerging as the biggest loser, with shares trading at INR 2,405.90 apiece on the BSE at 1:35 PM, down 2% from the previous close.

Paytm, RateGain and Mamaearth were among the other laggards during the day.

Data for shares of Yudiz was not available on the NSE at the time of publishing this article.

In her Budget speech, Union finance minister Nirmala Sitharaman made several announcements for the startup ecosystem, with one being that land records in urban areas will be digitised with GIS mapping.

The finance minister also announced a 46% increase in budgetary allocations for the tourism sector for the fiscal year 2024-25 (FY25), giving further push to travel tech startups.

Moreover, the government has cut down TDS rates for ecommerce operators to 0.1% from 1% earlier.