Inc42: Turtlemint Stock Surges 23%, Veefin Biggest Loser in Tech Rally
Indian new-age tech stocks saw varied performance this week, driven by company-specific earnings and updates. Insurtech firm Turtlemint emerged as the top performer with a 23% gain, while Veefin Solutions experienced the most significant decline.
Indian new-age technology stocks experienced notable fluctuations this week, with company-specific financial results and business updates influencing their market performance. Insurtech firm Turtlemint emerged as the week's biggest gainer, with its shares increasing by 23.64%.
The rally in Turtlemint's stock preceded the release of its Q1 FY27 financial disclosures. The company reported a 40% year-over-year increase in operating revenue to INR 294.1 crore, while its net loss narrowed to INR 37.8 crore. The stock closed the week at INR 137.30.
Conversely, Veefin Solutions, a BSE SME-listed company aiming to migrate to the main board, was the largest loser. Its shares plunged 13.76% to close at INR 246.90, partly attributed to a sequential decline in quarterly revenue and profitability.
Several other tech companies, including E2E Networks, Paytm, and Lenskart, reached new highs following their earnings reports. Conversely, firms such as ideaForge and WeWork India faced declines due to weaker-than-expected quarterly results. The combined market capitalization of the tracked new-age tech companies stood at $162.73 billion at the week's close.