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The Indian share market saw a relatively positive momentum this week on the back of a strong global trend and better-than-expected results posted by several companies in the first quarter of FY23.

The benchmark indices NSE Nifty50 and BSE Sensex gained in all five sessions, ending the week 4.2% and 4.3% higher at 16,719.45 and 56,072.23, respectively.

Compared to Thursday’s close, Nifty ended 0.69% higher on Friday (July 22), while Sensex closed 0.70% up.

Unlike last week, the 11 new-age internet companies listed in India after 2019 also saw a better weekly performance, with a majority of stocks ending higher on a week-on-week basis.

Delhivery, EaseMyTrip, Cartrade Tech, Fino Payments were among the top gainers this week. Delhivery shares gained as much as 10% to end Friday’s session at INR 667.9 on the BSE. It was followed by EaseMyTrip parent Easy Trip Planners with over 7% gain, ending the week at INR 404.05 on the BSE.

After surging 5.7% last week, Paytm parent One 97 Communications ended Friday’s session at INR 743.10, up over 4.8%. However, Zomato stocks declined over 1% during the week, while PB Fintech and Nazara Technologies also ended marginally lower.

Let’s see how the new age tech stocks from the Indian startup ecosystem performed on the Indian stock exchanges this week and some of the key trends:

The 11 new-age tech stocks ended the week with a combined market cap of around $33.69 Bn, up from $32.48 Bn last week.

Delhivery Steals The Show

Logistics startup Delhivery saw another great week with its shares ending at a new high of INR 699.95 on Thursday (July 21) on the BSE. Its shares also recorded an all-time high of INR 706 during the intraday trading on Thursday.

Following the rally, Delhivery’s market capitalisation crossed the INR 50,000 Cr mark in the week, becoming one of the top 100 companies in terms of market cap. It joined the list which has Indian conglomerates like Mahindra & Mahindra, Adani Enterprises, Godrej Consumer Products, among others.

The market capitalisation of Delhivery, the newest tech-stock to list on the Indian stock exchanges, also surpassed that of One 97 Communications. However, it lost some of the gains on Friday, ending 4.6% lower than Thursday’s close at INR 667.9, with the total market capitalisation at INR 48,389.57 Cr.

The stock may remain weak and trade lower in the next few sessions, Gaurav Ratnaparkhi, head of technical research at brokerage Sharekhan, said.

Several analysts across brokerages such as Credit Suisse, Edelweiss, ICICI Securities are bullish on Delhivery and the Indian logistics sector. The rising traction for Delhivery shares could be partially attributed to the same.

Delhivery, founded by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan, got listed this year at INR 493 per share on the BSE and at INR 495.2 on the NSE. Currently, Delhivery shares are trading about 34% higher than their debut price.

EaseMyTrip Rises Over 7% 

Online travel company EaseMyTrip’s parent brand Easy Trip Planners saw one of its best weeks since May this year. 

The traveltech company’s shares were range-bound and trading below INR 400 for about a month after May 24, when the shares had touched a price of INR 459.2. The shares saw an upward trend in the beginning of July but started falling again. 

However, this week, EaseMyTrip’s shares rose for the last three sessions, ending the week at INR 404.05 on the BSE, about 7.4% higher on a week-on-week basis.

Founded in 2008 by Nishant Pitti, Rikant Pitti and Prashant Pitti, EaseMyTrip saw a stellar IPO in May last year. It listed at INR 212.25 on the NSE, a premium of 13.5% over the issue price, and at INR 206 on the BSE, which was a premium of over 10%. EaseMyTrip’s issue price was INR 187. At current levels, shares are up over 90% compared to their debut price.

The rising share price is a reflection of the buoyancy in the travel sector as travel numbers are currently looking quite good, said Rahul Dani, research analyst at Monarch Networth Capital. The online travel aggregators (OTAs) are expected to be among the first ones to reap the benefits of buoyant travel industry trends.

EaseMyTrip’s traffic growth numbers look extremely strong, and it is expected to post good results in Q1 FY23, much better than the pre-Covid levels, Dani added.

In Q4 FY22, EaseMyTrip reported a 23.4% year-on-year (YoY) decline in its consolidated net profit at INR 23.34 Cr, while its operating revenue dropped over 8% to INR 60.85 Cr in the March quarter.

Policybazaar Continues To Tank

Shares of PB Fintech, the parent company of insurtech startup Policybazaar, again hit a new record low this week, ending Friday’s session at INR 520 on the BSE, down 0.8% on a week-on-week basis. 

Policybazaar shares had fallen 7% last week, ending last Friday’s (July 15) session at INR 524.30.

Several factors such as weak fundamentals, uncertainty in the insurance sector driven by Insurance Regulatory and Development Authority of India’s (IRDAI) changing regulations, and other technical reasons could be the reason behind the fall in share prices. 

Talking to Inc42 last week, an analyst at LKP Securities had said that the momentum was likely to be on the downside for the stock in the near term.

Reiterating the same, Sharekhan’s Ratnaparkhi told Inc42 this week that the shares look weak and are expected to trade lower. “As long as the stock trades below the level of 547, the trend will continue to be down for both short and medium term. Next level on the downside is 500,” he said.

Founded by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar in 2008, Policybazaar allows users to purchase diverse insurance policies on its online platform. PB Fintech listed on the the BSE and the NSE last year at INR 1,150, a 17.35% premium over the issue price of INR 980.

Currently, the shares are trading over 54% lower in comparison to its debut price.