Forty of the 69 new-age tech stocks ended the week higher, led by Ather Energy’s 26.8% rise, followed by Zetwerk and Tonbo Imaging.
Quarterly earnings drove divergent stock reactions, with Ather rallying after its maiden profit and CarTrade falling 22.3% following weaker-than-expected growth in its core consumer business.
The combined market cap of 69 new-age tech companies rose $8.62 Bn to $160.94 Bn, even as 29 stocks declined and 15 touched fresh lows during the week.
New-age tech stocks largely advanced this week, with quarterly earnings driving sharp moves in individual counters. Of the 69 stocks under Inc42’s coverage, 40 gained between 0.2% and 26.8%, while the remaining 29 declined by up to 22.3%.
Ather Energy led the gainers after reporting its maiden quarterly net profit. The stock rose 26.8% to close at ₹1,755.05, having touched a fresh all-time high of ₹1,782.05 during the week.
Recently listed Zetwerk followed with an 18% gain, while Tonbo Imaging rose 15.3%. Besides Ather, Nykaa, Eternal, and Shadowfax touched fresh 52-week highs.
However, 15 stocks, including Swiggy, FirstCry, MapmyIndia, and LEAP India, hit fresh lows during the week.
Gains in larger companies helped lift the combined market cap of the 69 stocks to $160.94 Bn, up 5.7%, or $8.62 Bn, from $152.32 Bn at the end of the previous week.
Here are some key developments from listed new-age tech companies during the week.
ESDS’ CTO Resigns: AI cloud provider ESDS’ chief technology officer and chief information officer Sajiv Nair resigned, citing personal reasons. He will leave the company on or before January 27, 2027.
Nazara Funds Acquisition Tranche: Nazara Technologies infused $77 Mn into its UK subsidiary, Nazara UK, to fund the second tranche of its acquisition of Spanish gaming companies Bluetile Games and Bestplay Systems. Nazara UK paid the amount to the sellers, taking the total consideration paid to $303.02 Mn.
Zelio Adds Manufacturing Capacity: Zelio E-Mobility began commercial operations at its new Haryana plant, adding annual capacity of 72,000 vehicles, comprising 48,000 electric two-wheelers and 24,000 electric three-wheelers. It invested over ₹20 Cr in the facility, primarily towards backward integration, under its approved capex plan.
E2E Expands AI Infrastructure: E2E Networks expanded its AI infrastructure capacity by 5.4 MW, or 58.7%, to approximately 14.6 MW. The expansion will include NVIDIA HGX B300 systems and other Blackwell GPUs for AI model training, fine-tuning, and enterprise inference.
GlobalBees Raises JW Brands Stake: FirstCry’s subsidiary GlobalBees Brands acquired an additional 14.2% stake in watch and jewellery brand owner JW Brands for ₹18.7 Cr in cash, increasing its holding from 75.1% to 89.3%. JW Brands, which operates Joker & Witch, Bewitched, and Teejh, reported turnover of ₹105.5 Cr in FY26, up 8.4% from ₹97.3 Cr in FY25.
The Sensex gained 1.8% this week to close at 74,459.53, while the Nifty 50 rose 2% to 23,053.10, recovering most of the previous week’s losses.
The benchmarks opened the week higher, consolidated over the next two sessions, and recovered sharply on Thursday, when the Sensex gained over 900 points. Buying continued yesterday, helping the Nifty close above 23,000.
Softer crude oil prices and easing bond yields initially supported risk appetite, according to Geojit’s research head Vinod Nair. However, renewed West Asia tensions pushed crude higher towards the weekend, prompting profit booking in the broader market.
Quarterly earnings also drove stock-specific moves, with strong results from select large companies supporting sentiment despite mixed performances across sectors.
Global monetary policy remained another focus. The US Federal Reserve held its benchmark interest rate at 3.75%-4%, although two members favoured a 25-basis-point increase. Nair said the Fed, ECB, and Bank of Japan’s continued caution on inflation tempered expectations of early monetary easing.
FIIs turned net buyers of Indian equities worth ₹6,305 Cr during the week, ending a 10-week selling streak, according to Bajaj Broking’s deputy vice president of research Pabitro Mukherjee. They bought shares in three of the five trading sessions, supporting the market recovery.
DIIs remained net buyers for the 11th consecutive week, purchasing ₹3,110 Cr of equities, although their buying moderated from ₹10,942 Cr in the preceding week.
The reversal in foreign flows followed a prolonged sell-off. A recent research report by JM Financial noted that FIIs had sold approximately $64 Bn worth of Indian equities over the 24 months through October 2026.
The brokerage argued that attractive valuations alone may not draw foreign investors back, identifying crude prices as a key influence. Its analysis associated Brent crude above $105 a barrel with FII selling, while prices below $90 coincided with a more favourable flow environment.
Investors will track next week’s US midterm elections, Brent prices, developments in the US-Iran and Russia-Ukraine conflicts, and quarterly earnings, Mukherjee said.
CarTrade shares declined 22.3% this week to close at ₹2,189.95 after its September-quarter results fell short of brokerage expectations despite revenue and EBITDA growth.
The automotive classifieds company’s consolidated net profit rose 3% YoY to ₹66 Cr, while operating revenue increased 10.2% to ₹213.1 Cr in Q2 FY27. EBITDA grew 20% to ₹76 Cr, with its margin expanding to 36% from 33% a year earlier.
However, JM Financial flagged slowing growth in the core consumer business, which includes CarWale, BikeWale, and CarTrade. Its revenue increased 4% YoY to ₹79.5 Cr, compared with growth of 18% in Q1 FY27 and 25% in Q4 FY26, and was 12.4% below the brokerage’s estimate.
OLX India’s revenue grew 26.4% to ₹70.2 Cr but missed JM Financial’s estimate by 9.7%. Meanwhile, monthly unique visitors across the consumer business fell 17.9% YoY and 8.5% QoQ to about 43 Mn. The brokerage flagged concerns over traffic growth and the potential impact of AI on classifieds platforms.
JM Financial downgraded CarTrade to ‘ADD’ from ‘BUY’ and cut its 12-month price target by 25.4% to ₹2,650 from ₹3,550. It lowered its FY27-FY29 revenue estimates by 3%-6% and EBITDA estimates by 8%-13%.
Ather Energy shares gained 26.8% this week to close at ₹1,755.05 after the electric two-wheeler maker reported its maiden quarterly net profit in Q2 FY27.
Its consolidated net profit stood at ₹1.3 Cr against loss of ₹154.1 Cr a year earlier and ₹51.1 Cr in Q1 FY27. Operating revenue increased 62.9% YoY to ₹1,464.2 Cr.
EBITDA stood at ₹74.2 Cr, with its margin improving to 4.9% from negative 9.6% a year earlier. However, other income of ₹62.7 Cr remained crucial to the bottom line, with operating revenue falling ₹61.5 Cr short of total expenses.
Sales rose 42% YoY to 93,211 units, customer enquiries increased 109% to around 10 Lakh, and pre-orders more than doubled to 1.8 Lakh. CEO Tarun Mehta said supply constraints persisted, with internal estimates indicating potential sales of around 20,000 units a month were going unrealised.
Ather plans to invest ₹122 Cr to add 2.25 Lakh units of annual manufacturing capacity across its Hosur and upcoming AURIC facilities. This would take combined installed capacity to about 11.4 Lakh units by Q2 FY28.
Edited by Vinaykumar Rai
Creatives by Varshita Srivastava
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Source: Inc42
