New-Age Tech Stocks: BlueStone, ideaForge Rise; PB Fintech, Meesho Fall

New-age technology stocks experienced a volatile week amidst ongoing broader market turmoil and geopolitical tensions, presenting a mixed performance. While BlueStone and ideaForge led weekly gains, companies such as PB Fintech and Meesho recorded significant declines.

Out of 57 new-age tech stocks tracked by Inc42, 31 saw declines ranging from 0.03% to nearly 10%. Conversely, 26 stocks posted gains between 0.04% and approximately 16%.

Key Market Movers: Gainers and Losers

PB Fintech topped the list of losers, with its stock falling 9.86% to close at ₹1,534.6. Investor sentiment turned bearish after chairman Yashish Dahiya expressed concerns over potential IRDAI caps on distributor commissions.

Ecommerce giant Meesho was the second biggest loser, with shares dropping 9.74% to ₹165.85, marking its ninth consecutive trading session of decline. Brokerage firm Choice Institutional Equities attributed this downward pressure to the upcoming six-month lock-in expiry for shares on Tuesday, June 9.

Other companies like Wakefit, Zappfresh, Swiggy, and Go Digit also plummeted to fresh lows, continuing weeks of sustained pressure on their stocks.

On the gaining side, BlueStone emerged as the biggest gainer, with its shares rising 15.99% to ₹554.85. The jewellery retailer saw increased investor interest following bullish growth projections.

CarTrade’s shares climbed 12.84% to ₹1,960.45, buoyed by Kotak Institutional Equities upgrading its rating to “BUY” from “SELL” and raising its price target to ₹2,300 per share from ₹1,800.

Drone manufacturer ideaForge also had a strong week, with shares gaining 11.61% to a fresh 52-week high of ₹943.5. This surge followed the board’s approval to raise up to ₹500 Cr via a qualified institutional placement (QIP) or preferential allotment or private placement.

Company Specific Developments

BlueStone’s aggressive growth projections, including an annual revenue target of ₹12,000 Cr by FY30—nearly five times its FY26 revenue of ₹2,486 Cr—fueled investor confidence. The company anticipates growth from both existing stores (30% CAGR same-store sales growth) and new store additions (20% CAGR growth).

JM Financial reiterated its ‘Buy’ rating with a target price of ₹650, while Nuvama maintained a positive outlook, citing BlueStone’s expanding store network and improving unit economics.

ideaForge’s proposed fundraise of ₹500 Cr is intended to support acquisition plans, expansion, modernization initiatives, and investments in research and development. Investor sentiment was further boosted by reports of India’s largest-ever military drone procurement program, valued at over $2 Bn, expected to be placed entirely with domestic manufacturers.

Other significant developments included Ola Electric closing its QIP at ₹780.24 Cr with backing from Goldman Sachs, Motilal Oswal, and JM Financial. Travel tech company ixigo’s board approved stake acquisitions in Brevistay for ₹65.7 Cr, ProctAI for ₹7.5 Cr, and Vestra for ₹4.5 Cr.

Edtech major PhysicsWallah reversed its ₹120 Cr NBFC investment plan, leading to a jump in its share price after an initial bloodbath. Hospitality giant OYO’s parent PRISM received SEBI approval for its confidentially filed DRHP, while entertainment brand Kuku FM pre-filed its IPO papers.

Gaming company Nazara completed a preferential issue, raising ₹118.5 Cr from investors including Fidelis Global and Founders Collective Fund. Coworking major Awfis received a fresh GST show-cause notice over alleged discrepancies in FY23 filings, demanding approximately ₹7.1 Cr.

Block deals saw SoftBank selling Lenskart shares worth ₹2,873 Cr, Peak XV Partners offloading ₹100 Cr worth Go Digit shares, and Friale selling Groww shares in a ₹210 Cr deal. Fintech major Paytm approved default loss guarantee arrangements of up to ₹90 Cr each for lenders Muthoot Fincorp and Kisetsu Saison to scale its loan distribution business. Online meat delivery brand Zappfresh completed the acquisition of Avyom Foodtech for ₹10 Cr for 100% ownership.

Broader Market Trends and RBI Policy

Indian equity markets concluded the week on a subdued note, with benchmark indices declining over 0.5% each due to persistent geopolitical tensions and global trade flow uncertainties. The Nifty 50 closed at 23,366.70 and the Sensex at 74,243.34.

Broader markets remained under pressure, with the midcap index falling over 1.5% and the smallcap index remaining largely flat, indicating selective investor participation.

The Reserve Bank of India’s (RBI) monetary policy announcement was a key domestic trigger. The Monetary Policy Committee (MPC) maintained the repo rate at 5.25% and retained its neutral stance. However, the RBI raised its FY27 inflation forecast to 5.1% from 4.6% and cut its GDP growth projection to 6.6% from 6.9%.

The central bank cited elevated energy prices, supply-side disruptions, weaker monsoon expectations, and potential El Nino risks as significant concerns for the growth outlook. Globally, mixed cues included stronger manufacturing data from China and economic weakness in the Eurozone, coupled with ongoing geopolitical tensions and volatile crude oil prices.

India’s provisional GDP data, released post-market, showed real GDP growth of 7.7% in FY26, with Q4 FY26 growth at 7.8%, offering some positive news for investors.