Indian Tech Stocks Rally as Ather Energy Climbs and CarTrade Slumps
Indian new-age tech stocks posted gains this week on the back of quarterly earnings, though CarTrade shares fell over 20 percent following a shortfall in analyst expectations.
Indian tech stocks showed broad momentum this week as Ather Energy led gains with a 26,8 percent jump following its first profitable quarter. Of the 69 stocks monitored by Inc42, 40 companies recorded growth, driving the combined market capitalization for the sector to 160,94 billion dollars.
In contrast, automotive classifieds platform CarTrade declined by 22,3 percent. Despite reporting growth in revenue and EBITDA, the results failed to meet market expectations. Brokerage firm JM Financial downgraded the stock and cut price targets, citing decelerating growth in core business lines and an 18 percent decline in monthly unique visitors.
Elsewhere in the sector, E2E Networks expanded its AI capacity by 5,4 MW, and Zelio E-Mobility commenced commercial operations at its new manufacturing facility in Haryana. Market sentiment was further supported by foreign institutional investors (FII), who turned net buyers for the first time in ten weeks, providing a buffer against recent volatility.
Moving forward, market participants remain focused on US midterm elections, global crude oil prices, and the ongoing corporate earnings season. Analysts suggest that while valuations are recovering, external geopolitical pressures and energy costs remain key variables for future performance.