New-Age Tech Stocks Continue Rally; E2E Network, Turtlemint Lead Gains

New-age tech stocks extended their rally this week, gaining about $8 Bn in cumulative market cap this week. Fifty five of the 69 new-age tech stocks gained in a range of 0.07% to close to 16% during the week, while the remaining 14 stocks fell up to over 8%. 

E2E Networks gained the highest this week, gaining 15.2% to end the week at ₹560.3. Following the AI cloud provider, shares of insurtech companies —Turtlemint (up 14.7%) and PB Fintech (up 14.2%) — led gainers this week. The rally for the stocks came after reports flagged that IRDAI may be considering certain modifications to the draft distribution paper.

In the list of gainers, seven stocks — Meesho, Paytm, Honasa, Ather, Rentomojo, Groww, Nykaa, Nazara and Eternal — touched fresh 52-week highs this week. 

With the big-ticket stocks rallying, the overall market cap of 69 new-age tech stocks soared to $177 Bn this week from $169.3 Bn at the end of last Friday. 

The list of losers included RateGain, Amagi, Swiggy, ixigo and Shadowfax. Edtech company Klassroom touched a fresh low this week.

Yudiz fell the most by 8.4% to close the week at ₹23.4. The NSE SME company’s shares fell this week after it reported a loss of ₹24.2 Lakh in the first half of FY27 against a net profit of ₹1.5 Cr in the previous half. The company’s top line plunged 24% YoY and 32% sequentially to ₹7.8 Cr. 

Besides Yudiz, here are some of the key financials of the week. 

Here are some key developments from listed new-age tech companies during the week: 

Fino Gets A New CEO: The digital payments company is set to get a new managing director (MD) and CEO with the Reserve Bank of India (RBI) approving the appointment of ICICI Bank veteran Pratap Singh for 3 years. He is set to take charge by November 27.

SoftBank Offloads Meesho Stake: The tech investor offloaded 7.6 Cr shares of the listed ecommerce giant in a block deal worth ₹1,885.2 Cr. The shares that flooded the market were picked up by Fidelity, Societe Generale, Morgan Stanley, Motilal Oswal Mutual Fund, Goldman Sachs, among others.

Veefin Transitions To Mainboard: The fintech SaaS company migrated to the NSE and BSE mainboard, about three years after its BSE SME IPO. The company’s shares opened for trade on the BSE mainboard at ₹249.8 and at ₹250.8 on the NSE. Later in the week, its CFO Payal Maisheri quit after helming the financial department for about five years. Simultaneously, the company roped in ex-EY executive Tejas Sampat as its new CFO. 

Razorpay, MakeMyTrip Set To Go Public: Markets regulator SEBI cleared confidential DRHPs of Razorpay’s ₹6,000 Cr IPO and MakeMyTrip’s OFS-only $1 Bn IPO. 

FirstCry Acquires Remaining Stake In Strauss: FirstCry’s subsidiary Globalbees acquired an additional 10.1% stake in fitness equipment and sports products maker Dynamic IT Solution for ₹1 Cr, taking its shareholding to 100% from 89.9%. 

BlueStone Reports 45% Growth In Q3 FY27 So Far: The jewellery retailer recorded 45% YoY business growth between October 1 and November 8, driven primarily by higher buyer transactions, while average realisations remained flat. The growth included the festive period covering Dhanteras and Diwali, with demand also improving across entry-level price points.

Kissht Raises ₹832 Cr Via Preferential Issue: The listed NBFC’s parent OnEMI Technology Solutions allotted 2.65 Cr equity shares to 34 investors at ₹314.1 apiece. The issue saw participation from 24 new investors, including Axis Mutual Fund, 360 ONE, MIT and Unity Small Finance Bank. Ten existing shareholders, including Alchemy, First Bridge, Groww, also increased their stakes.

Fresh Legal Challenge For IPO-Bound Cult.fit: The Madras High Court has issued notice on a petition by cofounder Deepak Poduval seeking cancellation of the CULT trademark registration held by subsidiary Cultfit Healthcare. Poduval has alleged that documents used to establish ownership of the brand were forged, a charge denied by Cult.fit. 

With that, here’s a look at the broader market performance this week. 

Benchmarks Extend Winning Streak For Third Week

Indian equities extended their winning streak to a third consecutive week, with benchmark indices closing marginally higher amid sustained foreign investor (FII) buying. 

The Nifty 50 gained 0.46% to close at 25,144.3, while the Sensex advanced 0.7% to settle at 81,592.5. The broader market outperformed the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 gaining around 2% and 2.6%, respectively. 

The gains came during a holiday-shortened week, with markets closed on Tuesday (November 10) on occasion of Diwali Balipratipada.

FIIs continued their buying streak for the third consecutive week, purchasing equities in all four trading sessions. As per NSE data, FIIs bought a net ₹33,340 Cr during the week, compared with ₹45,960 Cr in the previous week. Domestic institutional investors (DIIs), meanwhile, sold a net ₹24,190 Cr, extending their selling streak to a second consecutive week.

Geojit Investments’ head of research Vinod Nair said sustained foreign inflows and better-than-expected Q2 earnings, which have raised hopes of upgrades to FY27 earnings estimates, helped absorb bouts of profit booking.

Sustained foreign inflows, easing crude oil prices and expectations of an earnings recovery supported market sentiment. However, higher-than-expected inflation readings in both India and the US, rising global bond yields and geopolitical uncertainties capped the upside. 

Looking ahead, the sustainability of foreign inflows, movements in crude oil prices and developments around the US-Iran conflict will remain key market triggers. Investors will also track the US Federal Open Market Committee (FOMC) meeting minutes, US retail sales, Nvidia’s earnings and India’s October wholesale price inflation (WPI) data.

Nair expects near-term consolidation, with investors likely to remain selective amid inflationary concerns and global uncertainties. He favours large-cap companies with earnings visibility and a buy-on-dips approach.

With that, here’s a look at the performance of Paytm and Zetwerk.

Paytm Rallies To New Highs On Wallet Return

Paytm shares surged around 8.6% this week to end at ₹1,945. The company’s shares hit a fresh 52-week high of ₹1,958.8 apiece on the BSE on Friday after the fintech major received in-principle authorisation from the RBI to issue and operate prepaid payment instruments (PPIs), including digital wallets.

The stock, however, continues to trade below its IPO issue price of ₹2,150.

Paytm’s wholly owned subsidiary, Paytm Payments Services Ltd (PPSL), received the in-principle authorisation under the Payment and Settlement Systems Act, 2007. The approval brings the fintech company closer to reviving its wallet business, which was disrupted by regulatory action against Paytm Payments Bank in 2024.

PPSL must fulfil the RBI’s conditions and secure final authorisation before commencing operations. The central bank has directed the subsidiary to undertake a system audit, including a cybersecurity audit, through an eligible auditor and submit the report within six months. 

The subsidiary had applied for a fresh PPI licence on December 31, 2025, as Paytm explored ways to restore its wallet offering without relying on Paytm Payments Bank’s banking licence.

The RBI’s January 2024 action barred Paytm Payments Bank from accepting fresh deposits, credit transactions and top-ups in customer accounts and wallets, with the restrictions taking effect on March 15, 2024.

The wallet’s return could strengthen Paytm’s consumer payments ecosystem by increasing transaction frequency and creating opportunities to cross-sell financial products. During its Q2 FY27 earnings call, the company also discussed the possibility of integrating wallets with Paytm Postpaid, its credit-on-UPI offering.

The development comes after Paytm reported a strong September quarter. Its net profit surged 10.7X year-on-year (YoY) to ₹225 Cr in Q2 FY27, while operating revenue grew 28% YoY to ₹2,648 Cr.

Zetwerk Shares Surge Over 12% Ahead Of Q2 Disclosure

Manufacturing major Zetwerk’s shares surged 12.1% closing the week at ₹184.9. The stock touched an all-time high of ₹188.5 apiece on the BSE on Friday. 

The rally came amid sustained buying interest in the broader market and ahead of Zetwerk’s September quarter results, which were disclosed after market hours on Friday.

Zetwerk reported an 18% YoY increase in its Q2 FY27 operating revenue to ₹4,599 Cr. Revenue was also up 12% sequentially. Adjusted EBITDA rose 31% YoY to ₹171 Cr, while adjusted profit before tax turned positive at ₹28 Cr, against a loss of ₹12 Cr in the preceding quarter.

However, the company continued to report a net loss, which narrowed sharply to ₹88 Cr from ₹733 Cr in Q1 FY27. This improvement was driven by a better product mix, higher contributions from international customers and in-house manufacturing, alongside growth in design-led products.

The company’s manufacturing order book also reached an all-time high of ₹14,595 Cr, up 67% YoY. It secured new orders worth ₹7,760 Cr during the first half, marking a 48% increase from the year-ago period.

Zetwerk made its stock market debut on October 23 following its ₹5,012 Cr IPO, but listed below its issue price of ₹151. The latest rally has lifted the stock 16.3% above its listing levels.

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