New-age tech stocks added $5B in market cap as Aequs jumped 21% on revenue guidance and Nykaa rallied 10% on OpenAI deal; Ather fell 5% after QIP plan.
Alpha Score of 53 reflects moderate overall profile with weak momentum, strong value, moderate quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
New-age tech stocks added nearly $5 billion in market cap this week, with Aequs surging 21% after projecting a 4-6x revenue jump by FY31 and Nykaa rallying 10% on an OpenAI partnership and bullish long-term targets. The combined market cap of the 57 companies under Inc42's coverage rose to $134.52 billion from $129.58 billion a week earlier.
Aequs was the standout winner. Shares jumped 21.4% to ₹221.9 after the company, in an investor day presentation Thursday, said it expects revenue to grow 4-6 times by FY31 and an EBITDA margin of 18-22%. The loss-making company also guided for consolidated PAT breakeven by the first half of FY28. The stock touched an all-time high of ₹225 intraday Friday.
Nykaa climbed 10.7% to close at ₹302.55, hitting a fresh high of ₹303.75. The rally started after the company announced a partnership with OpenAI, integrating its beauty and fashion offerings into ChatGPT via connected apps. The gains accelerated Thursday when Nykaa presented its FY30 vision: revenue growth of 2-3 times, EBITDA growth of 4-5 times, a GMV target of $5 billion for its beauty and lifestyle business, and retail expansion to over 600 stores. The company also targets 100 million beauty consumers and a 3-3.5x increase in fashion GMV.
Five other new-age tech stocks touched all-time highs: WeWork India, Shadowfax, Kissht, Aye Finance, and Amagi.
On the losing side, Ola Electric fell 7.5% to ₹42.28, the biggest weekly loser. Ather Energy, its direct competitor, dropped 5.5% to ₹971.70, touching a weekly low of ₹950. The board this week approved a proposal to raise up to ₹2,500 crore through a qualified institutional placement and other equity-linked instruments. The company plans to issue ₹1,500 crore via the QIP and another ₹1,000 crore through a preferential issue, rights issue, or foreign currency convertible bonds. The stock fell after the announcement.
Other decliners included EaseMyTrip, SEDEMAC Mechatronics, Capillary Technologies, WeWork India, and Awfis.
Indian equities extended their gains for a second consecutive week. The Sensex gained 1.7% to 76,802.90, and the Nifty 50 rose 1.7% to 24,013.10. Brent crude fell sharply below $80 a barrel on hopes of a US-Iran peace agreement, giving the market a boost. The cancellation of peace talks Friday halted the slide and prompted profit-taking. Read more on crude oil profile.
Foreign institutional investors turned net buyers after a prolonged selling stretch, injecting ₹3,386 crore into Indian equities during the week. Domestic institutional investors added another ₹7,109 crore in net purchases.
Despite the rally, technical indicators suggest a pause. Nifty failed to hold above 24,100 and formed a Doji candlestick on the weekly chart, a pattern that reflects indecision after an upmove. Support is seen near 23,900, while resistance lies in the 24,150-24,200 zone, according to Pabitro Mukherjee, deputy vice president of research at Bajaj Broking.
Vinod Nair, research head at Geojit, said the key trigger was the decline in Brent crude below $80 on hopes of a US-Iran peace agreement. The abrupt cancellation of those talks halted the slide and led to profit-booking, he added. Mukherjee said market participants are likely to maintain a stock-specific approach, with midcap and smallcap stocks continuing to outperform the benchmark indices.
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