ArisInfra Shines Amid Mixed Week For New-Age Tech Stocks, CarTrade Bleeds

It was a mixed week for new-age tech companies on the bourses despite the broader market moving upwards. While 17 out of the 37 new-age tech stocks under Inc42’s coverage rose in a range of 0.83% to under 14% this week, shares of 20 such companies fell between 0.11% to over 10%.

Real estate tech company ArisInfra emerged as the biggest gainer this week, with its shares soaring 13.40% to end at INR 162.80.

Five companies touched fresh all-time highs during the week. EV maker Ather Energy gained 8.69%, online travel aggregators Yatra and ixigo zoomed 7.96% and 5.69%, respectively, and D2C brand Menhood rose 5.68%. Shares of BlueStone rallied to a new high of INR 709.95 on Tuesday (September 9) but pared gains to close the week at INR 642.05.

Last week, BlueStone reported a 41% YoY decline in net loss to INR 34.7 Cr in Q1 FY26. Its revenue rose 42% YoY to INR 492.7 Cr. The company’s shares have jumped over 13% since the release of the Q1 numbers.

Meanwhile, EaseMyTrip shares continued their fall, hitting a fresh 52-week low of INR 8.24 on Thursday (September 11). The stock recovered slightly to end the week at INR 8.51, still down 0.47%. The company’s shares have slipped 46% year to date amid weakening financials, unstable leadership, and diversification beyond core businesses.

The list of losers this week was topped by CarTrade, with its shares declining 10.44% to INR 2,337.60. Notably, the stock also touched its 52-week high of INR 2,754 on Tuesday.

Swiggy, Paytm, Eternal, and Ola Electric were among the other losers this week.

As a result, the cumulative market cap of the 37 new-age tech stocks declined to $105.36 Bn at the end of the week from $107.09 Bn a week ago.

Amid the mixed performance, Urban Company and DevX closed their IPOs this week and their shares are set to list on the bourses on Wednesday (September 17). Urban Company’s IPO closedwith a massive 103.63X oversubscription, receiving bids for 1,106.45 Cr shares against the 10.67 Cr shares on offer.

The IPO of DevX also closed with 64X oversubscription, receiving bids for 84.1 Cr shares against 1.32 Cr shares on offer.

Now, let’s take a look at the broader market performance this week.

India-US Trade Talks, Fed Rate Cut Power Market Rally

Benchmark indices extended gains for the second consecutive week, lifted by domestic macro strength and supportive global cues.

The Nifty 50 surged 1.51% to close at 25,114, while the Sensex climbed 1.48% to settle at 81,904.

Broad-based buying was seen this week, with leadership rotating across sectors and both indices ending near weekly highs — a sign of sustained bullish momentum, said Ajit Mishra, SVP of research at Religare Broking. The rally was underpinned by optimism due to GST rate cuts, upward GDP growth revisions, and improving domestic demand.

Technically, the Nifty 50 broke past the psychological 25,000 mark, reinforcing bullish sentiment. Near-term resistance now lies around 25,300-25,450, while 24,850–25,000 could offer immediate support on any pullback, Mishra noted.

Investor sentiment was also buoyed by global factors. Softer US inflation data revived expectations of a Fed rate cut, while the resumption of India-US trade talks provided further tailwinds.

“Indian markets continued to find support in GST rationalisation, prospects of stronger Q2 FY26 earnings, and easing monetary policy. Although global bond yields remain elevated, they’re not yet seen as disruptive to current valuations,” said Vinod Nair, head of research at Geojit Financial Services.

As markets eye the upcoming FOMC decision and domestic WPI data next week, volatility could inch higher. However, for now, the structural trend remains upward, anchored by a resilient economy and pro-growth policy cues, Nair added.

Now, let’s look at the performance of ArisInfra and CarTrade this week.

ArisInfra Gains Big

Shares of ArisInfra zoomed over 13% this week to INR 162.80. Last week, brokerage Anand Rathi gave a ‘Buy’ rating on the stock with a target price of INR 164. The report highlighted a possible 15% upside and a favourable risk-reward setup.

“ArisInfra Solutions Ltd is showing promise with a possible 15% upside. Keep an eye on the buying range and target price as we navigate the market this month,” it said.

On September 5, the company also released its annual report for FY25. Cofounder and MD Ronak Morbia said that ArisInfra’s three-pronged model of supply, services, and technology would be the key drivers for its growth ahead.

The company posted anet profit of INR 5.1 Cr in Q1 FY26, a decline of 22% from INR 6.5 Cr in the year-ago quarter. Operating revenue jumped 11% YoY to INR 212.1 Cr.

CarTrade Bleeds Amid Profit Booking, Valuation Concerns

CarTrade led the list of losers this week, with its shares falling over 10%. The stock, after touching its 52-week high on Tuesday, plunged 18.7% to 2,222.35 during the intraday trading on Wednesday.

The decline followed a downgrade from JM Financial. The brokerage cut its rating on the stock to ‘Sell’ from ‘Hold’ and lowered the target price to INR 1,910 from INR 2,350.

JM Financial said the recent rally, fueled by optimism around GST cuts and a rebound in OLX, was “too much, too soon”.

It highlighted that CarTrade was trading at a steep multiple of nearly 43x FY27E EBITDA, which it called unjustified given the company’s heavy reliance on B2B revenue. While CarTrade operates consumer-facing platforms, almost all revenue still comes from B2B clients, leaving it vulnerable to cyclical spending.

JM Financial further noted that reduction in GST rates and OLX’s Q2 FY26 revenue growth guidance of 15% YoY, although positive, are largely in line with expectations and do not warrant upgrades to forecasts.

Meanwhile, CarTrade said on Thursday that the GST cuts on passenger vehicles, two-wheelers, and used vehicles have resulted in over 25% growth in consumer traffic on its platforms CarWale and BikeWale.

With the festive season approaching, the company expects increased affordability and improved consumer sentiment to boost transaction volumes across both new and used vehicles.

[Edited by: Vinaykumar Rai]

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