Wakefit Stock Rises 17% Amid Gains in New-Age Tech Sector
India's new-age tech stocks generally saw gains this week, with Wakefit leading the pack with a 16.69% surge. Lenskart and Turtlemint also reached new highs.
A majority of India's new-age tech stocks finished the week in positive territory, with home solutions provider Wakefit emerging as the top performer. Wakefit's shares saw a significant increase of 16.69%, closing at ₹141.55 during the week.
Several other companies also showed strong performance. Shares of Klassroom, Zelio E-Mobility, Turtlemint, and Lenskart touched fresh 52-week highs. Out of 61 tracked new-age tech stocks, 34 gained, while 27 declined. E-commerce enablement platform Shiprocket also made a notable stock market debut this week, with its shares rising from its listing price in its initial trading sessions.
The surge in Wakefit's stock coincided with the company's strong financial results for FY26. Wakefit reported its highest-ever annual operating revenue and a significant improvement in net profit compared to the previous fiscal year. Mattresses and furniture remained key revenue drivers for the company, which also continued to strengthen its direct sales channels.
Despite the positive performance in select tech stocks, India's broader market indices closed in the red for the second consecutive week. This decline was influenced by factors such as geopolitical tensions and elevated crude oil prices. However, the broader market presented a mixed picture, with the BSE SmallCap index showing relative strength.