New-Age Tech Stocks Mixed; Ather Gains 10%
Ather Energy rallied 10% after a major investment from Hero MotoCorp, while Shiprocket fell over 9% in its first full week of trading.
New-age technology stocks saw mixed performance in the week ending August 30, according to an Inc42 report. Of the 62 companies tracked, 36 declined while 26 gained, with the group's combined market capitalization largely flat at $166.91 billion.
Shiprocket was the biggest loser, falling 9.27% to close at ₹125.40. Ather Energy was a top gainer on the mainboard, rallying 10.38% to ₹1,612 after Hero MotoCorp bought an additional stake. The broader market remained cautious, with the Nifty 50 declining 0.31%.
Key Stock Movements
Five stocks touched fresh 52-week highs: Ather Energy, Turtlemint, Zelio E-Mobility, Paytm, and Lenskart. IndiaMART InterMESH hit a new 52-week low of ₹1,723.80. On the BSE SME platform, Klassroom surged 25.2% to ₹218, making it the week's biggest gainer overall.
Swiggy, PhysicsWallah, Honasa Consumer, EaseMyTrip, Groww, and BlueStone were among the other decliners.
| Stock | Weekly Change | Key Detail |
|---|---|---|
| Klassroom | +25.2% | Biggest gainer (BSE SME-listed) |
| Ather Energy | +10.38% | Touched 52-week high of ₹1,629.15 |
| Shiprocket | -9.27% | Biggest loser; closed at ₹125.40 |
| IndiaMART | N/A | Hit 52-week low of ₹1,723.80 |
Major Company Developments
Several significant corporate events occurred during the week.
Urban Company filed a defamation suit against Kent RO Systems over advertisements questioning its water purifiers' safety. Honasa Consumer called off its proposed ₹135 crore acquisition of a 58% stake in Fluence Pharma, citing unfulfilled conditions.
CarTrade Tech's consumer business CEO, Banwari Lal Sharma, left the company. Sharma was the founder of CarWale, which CarTrade acquired in 2015.
Fractal launched a dedicated India business unit to offer its AI platform. Smartworks proposed a share capital reduction to write off accumulated losses, pending approvals.
Ola Electric received a sanction order for ₹95.81 crore under the PLI-Auto scheme for FY27. This follows incentives of ₹73.74 crore for FY24 and ₹366.78 crore for FY25.
Investment and Exit Activity
Institutional investors and venture capital firms were active in adjusting their holdings.
Alpha Wave Ventures exited Aye Finance. Qualcomm Ventures sold shares in Shadowfax. Ribbit Capital pared its stake in Groww. Y Combinator offloaded shares in Meesho.
In a separate transaction, Peak XV Partners exited Capillary Technologies after a promoter entity sold around a 4% stake. Capillary clarified this did not represent an exit by its founders.
Market Context and Outlook
Vinod Nair, head of research at Geojit Investments, said Indian equities remained resilient despite global volatility. He cited softer crude oil prices, a firmer rupee, and lower US yields as supporting factors.
Nair stated markets would track the US Federal Reserve's stance, US jobs data, and India's GDP print for direction. The report noted caution persisted, driven by global monetary policy uncertainty and monthly derivatives expiry volatility.
Brent crude oil prices fell more than 4% to around $88 a barrel. The report linked this to expectations of improved shipping conditions and shifting interest-rate views.
Mid-cap and small-cap stocks outperformed large-caps. The Q1 FY27 earnings season ended on a healthy note, shifting investor focus to the sustainability of growth.
Ather Energy's rally was fueled by Hero MotoCorp's purchase of an additional 1.18 crore shares for ₹1,758 crore. This was Hero's second major investment in Ather recently, following a pledge of up to ₹1,000 crore as part of a larger ₹2,500 crore fundraise.
Ather disclosed it raised ₹200 crore by allotting equity shares at ₹1,230 apiece. It also allotted convertible warrants worth ₹1,000 crore. The funds are earmarked for capacity expansion, R&D, and new products.
The company launched its mass-market Konarc e-scooter at a starting price of ₹99,999. It offers claimed range options from 100 km to 200 km.
Shiprocket, which debuted on August 19, saw profit booking after a strong listing. Its shares listed at ₹129.50 against an IPO price of ₹97, climbed to an intraday high of ₹155.50 on debut, but have since declined. The stock is now trading 3.2% below its BSE listing price.
