Shadowfax Leads New-Age Tech Stocks, Pine Labs Slides After Earnings
Indian new-age tech stocks saw significant movement this week, driven by Q1 earnings reports. Logistics firm Shadowfax emerged as a top gainer, while fintech company Pine Labs experienced a decline following its financial disclosures.
Indian new-age technology stocks experienced notable shifts this week, with quarterly earnings reports largely dictating investor sentiment. Logistics company Shadowfax registered as the week's top performer following strong first-quarter financial results, while fintech major Pine Labs faced pressure after reporting a sequential profit decline despite healthy revenue growth.
Overall, 38 out of 59 listed new-age tech stocks under Inc42's coverage concluded the week higher, with gains ranging from 0.06% to 13.51%. Shadowfax's stock surged 13.51% to close at ₹243.30 after its earnings announcement, also touching a fresh all-time high during intraday trading.
Several other companies, including Kissht, E2E Networks, Lenskart, and Nykaa, also reached new record highs during the week. In contrast, IndiaMART, Go Digit, and Turtlemint slipped to fresh all-time lows. The combined market capitalization of the tracked companies saw a slight decrease from the previous week.
In other sector news, quick commerce startup Zepto has reportedly paused its IPO plans by at least two to three quarters, opting instead for a pre-IPO funding round. Leadership changes were also announced at beauty retailer Nykaa and food delivery platform Swiggy. Electric two-wheeler startups Ola Electric and Ather Energy reported weaker demand in July, with registrations declining month-on-month.