FirstCry Leads Tech Stock Recovery in India – Global South Capital Times

Indian new-age tech stocks rebounded this week, recovering from sustained selling pressure amid market volatility. According to Inc42, 34 of the 55 new-age tech companies tracked saw gains ranging from 0.12% to over 12%.

The market capitalization of these 55 companies collectively rose to $119.46 billion, up from $116.64 billion the previous week.

Kids-focused retailer FirstCry emerged as the top gainer, with its stock price increasing by 12.14% to close the week at ₹250.4. Lenskart also hit a 52-week high, settling at ₹530, up 6.04% from the previous week.

However, not all companies experienced gains. Shares of Fino Payments Bank, Unicommerce, Zaggle, MapmyIndia, Wakefit, Zappfresh, IndiQube, Nazara Technologies, Pine Labs, Meesho, and Aequs hit new lows this week. Overall, 21 companies saw their shares decline between 0.15% and nearly 11%.

Fino Payment Banks’ shares experienced the steepest decline, falling 10.77% to end the week at ₹150.85. Other stocks that fell included IndiaMART, EaseMyTrip, TAC Infosec, RateGain, Awfis, and Unicommerce.

In other developments:

Ola Electric reallocated ₹575 crore from its IPO proceeds, shifting funds from research and development to debt repayment and organic growth initiatives.
Nazara Technologies signed agreements to acquire controlling stakes in Bluetile Games and BestPlay Systems for $100.3 million.
PhysicsWallah received a tax demand notice of ₹263.3 crore from the Income Tax Department.
Delhivery received NCLT approval to merge Spoton Logistics and Spoton Supply Chain Solutions with its main business entity.

The broader Indian equities market experienced volatility, ending the week nearly flat. The Sensex closed at 74,563.96, while the Nifty 50 declined 0.1% to end at 23,114.50.

FirstCry’s shares closed the week 12.14% higher. The company recently expanded its 3-hour delivery service, Qwik, to select locations in Bengaluru, Pune, and Hyderabad.

Fino Payments Bank faced selling pressure after reports emerged concerning a potential Enforcement Directorate (ED) probe into online gaming-related transactions. The bank has denied these reports. MD & CEO Rishi Gupta was arrested last month for alleged GST evasion.