ESDS Software stock gains over 90% in weekly trading

ESDS Software emerged as the leading performer among new-age tech stocks on the Indian stock exchanges this week, with its share price increasing by 91.65% during its first full week of trading. The company concluded the week at a share price of ₹1,716.35 on the BSE.

The strong performance by ESDS Software occurred against a backdrop of broader market decline, with Indian equity markets experiencing a downturn for the fifth consecutive week. Several factors influencing investor sentiment, including elevated crude oil prices and rising global bond yields, contributed to cautious market sentiment. Out of the 63 new-age tech companies under coverage, 33 saw their stock values decrease this week, while 30 finished in positive territory.

Other notable developments in the tech sector included logistics firm Shiprocket narrowing its net loss by 24% year-on-year, reporting revenues of ₹592.1 crore. Furniture and appliance rental startup RentoMojo is preparing for its IPO, with its offering subscribed 72.88 times. Logistics company LEAP India was among the top decliners, falling 9.23%.

Shares in Lenskart, Paytm, and Nykaa reached new highs during the week. Conversely, FirstCry, Capillary Technologies, EaseMyTrip, and IndiaMART InterMESH fell to new lows. This week's trading data highlights the varied performance of tech companies in the stock market amidst prevailing market uncertainty.