Turtlemint leads new-age tech stocks with 22.6% weekly gain

Turtlemint shares surged 22.64% for the week ending August 17, making it the top gainer among new-age tech stocks tracked by Inc42. The stock closed at Rs 137.30 ahead of its Q1 results, which later showed a narrower net loss of Rs 35.55 crore from Rs 39.65 crore a year ago. Revenue from operations jumped to Rs 20.77 crore from Rs 7.03 crore.

The Hindu Businessline reported that the stock rose 9% on Monday after the results, closing at Rs 150.15. Management cited strong platform growth and operating leverage. Meanwhile, Veefin Solutions was the biggest loser, falling 13.76% to Rs 246.90. Of 61 stocks tracked, 30 gained, 29 declined, and Meesho was flat. The combined market cap of the group stood at $162.73 billion.

Broader Indian indices fell for the week, with the Sensex down 0.62% and Nifty down 0.83%, pressured by rising crude oil and geopolitical tensions. Investors now await global monetary policy cues and the FOMC meeting minutes.