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Fewer than half of the 67 new-age tech stocks under Inc42’s coverage advanced this week despite a broader market recovery. While 31 stocks gained between 0.03% and 17.63%, 36 declined, with losses reaching 18.43%. Snapdeal parent AceVector was the biggest loser, falling 18.43% to ₹24.97, about 12% below its listing price. Market intelligence platform Tracxn followed, declining 8.26% to ₹31.78. IndiQube and Veefin lost more than 7% each. ixigo, EaseMyTrip, Swiggy, and Fractal touched fresh 52-week lows, while Nazara, Zelio, and E2E Networks hit fresh 52-week highs this week. NSE SME-listed Yudiz led gains, surging 17.63% to ₹24.35, although it remained over 85% below its listing price. Nazara, ideaForge, DevX, and FirstCry were among the other gainers. The combined market capitalisation of the 67 companies increased by $5.84 Bn to $160.55 Bn from $154.71 Bn at the end of the previous week. Now, let’s take a look at the key developments at the new-age tech companies this week. E2E Networks Swings To Profit E2E Networks posted a consolidated net profit of ₹72.7 Cr in Q2 FY27 against a ₹13.5 Cr loss a year earlier. Operating revenue jumped 411% to ₹223.8 Cr from ₹43.8 Cr. Separately, it paid fines of ₹10,000 each, plus GST, to NSE and BSE for failing to provide prior intimation of its August 31 board meeting. The cloud infrastructure company said it would strengthen compliance monitoring to prevent recurrence. NCLT Dismisses Globalbees Insolvency Plea The NCLT dismissed an insolvency application against FirstCry subsidiary Globalbees filed by Ashutosh Garg, Paritosh Garg, and Manju Agarwal over an alleged ₹64.92 Cr claim, plus 18% annual interest. Separately, Globalbees extended the deadline for its ₹5.69 Cr sale of its entire 51.54% stake in textile brand Mush to November 30. The buyers are existing shareholder Nihar Gosalia and Vaishvik Brahmbhatt. Fairfax Proposes Go Digit Stake Transfer Fairfax proposed transferring its interests in Go Digit General Insurance and Go Digit Life Insurance to IDBI Bank. Separately, Fairfax India Holdings also proposed transferring its entire IIFL Capital Services stake to the lender. The proposals follow the selection of a wholly owned Fairfax Financial subsidiary to acquire a 60.72% stake in IDBI Bank for approximately ₹52,878 Cr. The transfers would expand IDBI’s insurance and investment services presence, subject to requisite approvals. Lenskart Faces Customs Demand Lenskart received an order during the week demanding ₹6.59 Cr in differential customs duty and ₹6.58 Cr in penalty, totalling ₹13.17 Cr, plus unquantified interest. The authority reclassified certain imported optical eyeframes with clip-ons. The company said it considers the order contestable and plans to appeal. First Games’ GST Demand Reduced Paytm joint venture First Games Technology received a ₹703.66 Cr GST demand for April 2018 to March 2023, down from ₹5,712 Cr proposed in an April 2025 show-cause notice. An equivalent penalty and applicable interest are additional. First Games is evaluating its statutory options. BlackBuck Restructures Loads Business BlackBuck approved transferring its loads business to wholly owned subsidiary BlackBuck Transport Services through a slump sale to improve operational efficiency. The business generated ₹88.74 Cr in FY26 revenue, equivalent to 12.6% of BlackBuck’s standalone total income, and had net worth of ₹98.8 Lakh. Aequs’ Amalgamation Proposal Rejected The Ministry of Corporate Affairs’ regional director of South Western Region rejected Aequs’ amalgamation with wholly owned subsidiaries AeroStructures Manufacturing India, Aequs Engineered Plastics, and Aequs Force Consumer Products. The order cited non-compliance with Section 233 of the Companies Act: shareholder approval representing 88.9% of total share value against the required 90%, uncertain delivery of postal ballot notices, pending labour cases, and missing BSE and NSE no-objection certificates. Aequs is considering refiling or seeking approval under Section 232. With that, here's a look at the performance of the broader market this week. IT Leads Market Recovery The Sensex gained 3.11% to 74,729.27 this week, while the Nifty 50 rose 2.78% to 23,146.15. IT led sectoral gains at 11.72%, although participation beyond large-cap stocks remained muted. Geojit Investments’ research head Vinod Nair attributed the recovery to improving rupee sentiment, softer crude prices, easing bond yields, and strong quarterly business updates. The IMF’s higher growth forecasts for India for FY27 and FY28 also supported sentiment. Investors tracked RBI’s measures to manage public-sector oil marketing companies’ dollar demand and tighten rupee-linked forex derivatives rules. Effective October 16, banks’ minimum daily CRR maintenance rose to 99% of the prescribed requirement from 90%. Inflationary pressures, elevated crude oil prices, and continued foreign investor outflows remained concerns for the market. FIIs remained net sellers for the ninth consecutive week, although their net selling moderated to ₹8,991 Cr from ₹30,294 Cr in the previous week. However, they turned net buyers yesterday, with net purchases of ₹1,166 Cr. DIIs remained net buyers for the ninth straight week, investing ₹7,813 Cr. Month-to-date purchases of ₹48,168 Cr nearly offset FII selling of ₹48,769 Cr, according to Bajaj Broking. Investors will track September infrastructure output, October flash PMI readings, and the minutes of RBI’s monetary policy committee meeting. Earnings of major lenders will also be in focus, alongside results from Infosys, Swiggy, Eternal, Dr Reddy’s Laboratories, and Tata Motors. Nair said sustaining the recovery would require earnings growth beyond IT, with financials, consumption, and industrials’ revenue and margins under scrutiny. Now, let’s take a deeper look at the performance of Nazara Technologies and Groww this week: Nazara Gains Amid Leadership Changes Nazara gained 10.02% to ₹416.80 amid a reshuffle that saw founder Nitish Mittersain move from MD to a non-executive role. The company’s board approved CaratLane founder Mithun Sacheti’s five-year appointment as whole-time director, designated executive director, subject to shareholder approval. Arun Agrawal, former global CFO of Ness Digital Engineering, will succeed outgoing CFO Rakesh Shah. Whole-time director Rohit Sharma will step down from January 1, 2027. The changes follow the $303 Mn acquisition of Spanish gaming companies Bluetile Games and BestPlay Systems and a ₹733.5 Cr preferential fundraise to finance it. On the financial front, Nazara posted a ₹82.5 Cr loss in Q1 FY27, with operating revenue falling 14% YoY to ₹428.8 Cr. Bluetile’s EBITDA remained flat despite 54% revenue growth amid higher user acquisition costs. Groww Gains Despite Flat Sequential Revenue Groww gained 4.34% to close the week ₹200.70 after its Q2 FY27 net profit rose 54% YoY to ₹724.7 Cr and operating revenue increased 47.4% YoY to ₹1,501.5 Cr. Sequentially, revenue was almost unchanged and profit fell 1.4% from ₹735 Cr. EBITDA slipped to ₹969 Cr from ₹971 Cr in the preceding June quarter. Growth in margin trading and commodity derivatives offset a 14.3% QoQ decline in equity derivatives revenue. The company attributed the decline in equity derivatives revenue to adjustments following the closing auction system’s (CAS) introduction. Expenses rose 28.5% YoY to ₹555.9 Cr, reflecting higher technology costs, AI-linked and other compute cost inflation, and ₹13 Cr in client reimbursements following a third-party market infrastructure institution’s operational issue. Groww AMC’s assets under management rose 145% YoY to ₹7,179 Cr, although it posted a ₹8.3 Cr quarterly loss. Separately, brokerage Jefferies reiterated its ‘Buy’ rating on Groww following SEBI’s changes to the CAS framework. The revised rules include a shorter cash-market auction window and changes to the settlement-price calculation for index derivatives on expiry days. The updated framework is scheduled to be effective December 7, 2026. Jefferies expects lower expiry-day volatility and regulatory uncertainty to benefit brokers more than exchanges, whose premium turnover has already recovered to pre-CAS levels. Edited by Vinaykumar Rai Creatives by Varshita Srivastava
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