New-Age Tech Stocks Rally In The First Week Of 2024, Paytm Second-Biggest Gainer After Fino

New-Age Tech Stocks Rally In The First Week Of 2024, Paytm Second-Biggest Gainer After Fino

SUMMARY

Fifteen out of the 19 new-age tech stocks under Inc42’s coverage gained in a range of 0.3% to over 12% this week, with Fino Payments Bank emerging as the biggest winner

Paytm overcame its recents struggles to zoom nearly 8% this week; Zaggle, Nykaa, Nazara, and ideaForge were the only losers among new-age tech stocks

The broader market remained volatile, with Sensex ending the week 0.3% lower at 72,026.15 and Nifty losing 0.1% to close Friday’s session at 21,710.8

Beginning 2024 on a largely bullish note, most Indian new-age tech stocks witnessed a northbound movement in the first week of the year amidst high volatility in the broader domestic market.Vinod Nair, head of research at Geojit Financial Services, said that the week began strongly with optimism about future rate cuts, easing global inflation and softer bond yields. However, concerns over weak China and Eurozone manufacturing data, along with the ongoing tensions in the Red Sea, led to a flat market close. Moreover, Fed minutes added uncertainty around the timing of Fed’s rate cut.Meanwhile, more new IPOs are expected in the coming months in the new-age tech startup ecosystem. Two startups – Unicommerce and MobiKwik – filed their draft papers with SEBI for respective IPOs this week, following Ola Electric, FirstCry, and Awfis filing their respective DRHPs towards the end of 2023. After the company recently received a GST notice at the end of last year, JM Financial said in a research note that the platform would pass the GST burden directly to the end customers if it receives any adverse tax order. Besides, the company’s cash balance of INR 11,800 Cr would be enough to cover the impact of any adverse GST orders towards its historical dues.BofA, in its research note, said that the recent change in strategy from low-ticket, low-margin loans to high-ticket, high-margin loans is directionally positive for the company. 

Fifteen out of the 19 new-age tech stocks under Inc42’s coverage gained in a range of 0.3% to over 12%, with Fino Payments Bank emerging as the biggest winner.

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