Indian stock market trading floor with real-time stock data display.
The Indian new-age tech stock market experienced a mixed performance this week, with geopolitical tensions contributing to broader market turmoil. Despite the volatility, BlueStone and ideaForge emerged as significant gainers, while PB Fintech and Meesho saw notable declines.
BlueStone, the online jewellery retailer, led the week’s gains, reportedly driven by aggressive offline expansion plans and bullish revenue projections. The company anticipates reaching ₹12,000 Cr in annual revenue by FY30, a substantial increase from its FY26 revenue of ₹2,486 Cr. This growth is expected to be fueled by a projected 30% CAGR in same-store sales growth and 20% CAGR from new store additions. Brokerages like JM Financial and Nuvama maintained positive outlooks, citing the expanding store network and improving unit economics. BlueStone’s shares closed the week up 15.99% at ₹554.85.
Drone maker ideaForge also saw a strong performance, with its shares rising after the board approved plans to raise up to ₹500 Cr through a qualified institutional placement (QIP) or other private placement methods. The fundraising is intended to support acquisition plans, expansion, modernization, and research and development initiatives. Investor sentiment was further bolstered by reports of India’s significant military drone procurement program, valued at over $2 billion, expected to prioritize domestic manufacturers. ideaForge shares gained 11.61% to reach a 52-week high of ₹943.5.
Conversely, PB Fintech, the insurance aggregator, was among the week’s biggest losers, with its stock falling 9.86% to ₹1,534.6. This decline was attributed to concerns over potential regulatory caps on distributor commissions, as expressed by chairman Yashish Dahiya.
Ecommerce company Meesho also faced downward pressure, with its shares slipping 9.74% to end the week at ₹165.85. This marks nine consecutive trading sessions of decline. Analysts pointed to the upcoming expiry of a six-month lock-in period for shares as a contributing factor to the downward trend.
In broader market news, Indian equity benchmarks, including the Nifty 50 and Sensex, declined slightly amid ongoing geopolitical tensions and global trade uncertainties. The Reserve Bank of India’s Monetary Policy Committee maintained the repo rate at 5.25% but revised its inflation and GDP growth forecasts. Provisional GDP data for FY26 indicated a growth of 7.7%, with Q4 FY26 growth at 7.8%.
Other notable developments in the new-age tech space included Ola Electric closing its QIP, ixigo approving stake acquisitions in Brevistay, ProctAI, and Vestra, and PhysicsWallah reversing its NBFC investment plans. OYO and Kuku FM also moved forward with their IPO preparations, while Nazara completed a preferential issue. Awfis received a GST show-cause notice, and several block deals involving Lenskart, Go Digit, and Groww shares were reported. Paytm established DLG arrangements for its lending partners, and Zappfresh finalized the acquisition of its subsidiary Avyom Foodtech.
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