Twelve out of the 18 stocks under Inc42’s coverage gained this week on the back of a rally in the broader market and positive Q2 FY24 earnings
Shares of RateGain jumped 11.6% this week following its strong Q2 show, while Zomato surged 10% to cross its listing price on the bourses after nearly 22 months
ideaForge, Fino Payments, Delhivery, DroneAcharya, IndiaMART, and Yudiz witnessed a decline this week, falling between 0.6% and over 6%
Shares of listed new-age tech startups saw some recovery this week on the back of a rally in the broader market and positive Q2 FY24 earnings.Amid the ongoing volatility in the market, another new-age tech startup, Mamaearth, is all set to make its stock market debut. The D2C unicorn’s IPO closed this week and was oversubscribed 7.61X.“The market exhibited a cautious tone at the outset, influenced by the uncertainty surrounding the US Fed’s policy meeting. However, as the week progressed, the apprehension dissipated, and market sentiments rebounded. This turnaround was partly attributed to a modest decline in oil prices, which raised optimism about a potential pause in Fed actions,” opined Vinod Nair, head of research at Geojit Financial Services.Kush Ghodasara, CMT and an independent market expert, believes that Zomato will be a multibagger stock from here on as all its business verticals are growing. The company is also finding new ways to monetise, he said, citing the recent launch of Zomato Xtreme. While the stock looks steady in terms of momentum, Ghodasara believes it is not advisable to buy the stock at this level as there could be some corrections.The fintech major, which runs Policybazaar and Paisabazaar, reported a loss after tax of INR 21 Cr in Q2, a decline of 89% YoY. However, the loss widened from INR 11.9 Cr in Q1 FY24.
Twelve out of the 18 stocks under Inc42’s coverage, including RateGain, Zomato, EaseMyTrip, Zaggle, Nazara Technologies, and Paytm, gained in a range of 0.2% to over 11% this week.