This gaming stock gained 12% in Monday’s trading session after the company approved a preferential issue of equity shares proportionately to Kamath Associates & NKSquared.
Share prices of Nazara Technologies opened at Rs. 770.50 and surged 12% to reach its 52- week high of Rs. 854 levels. In the last one month, the stock returned 8.81% and 44.68% in the last six months.
On the morning of 4 September 2023, the company approved an issue of 14,00,560 shares of face value of Rs. 4 at an issue price of Rs. 714 per piece to Kamath Associates and NKSquared, owned by Nikhil and Nithin Kamath, proportionately for an aggregated amount of Rs. 99.9 crore.
Nikhil and Nithin Kamath are the co-owners of India’s largest stock broker Zerodha. The company was founded in 2010 to revolutionise the stock market industry and to make trading and investing accessible to everyone in terms of cost, support and technology.
“Gaming in India is poised for strong growth in the years to come and Nazara has built a well-diversified, profitable gaming platform well suited to take advantage of opportunities in the years ahead. We look forward to supporting Nitish and his team in achieving their growth aspirations for Nazara.” said Nikhil Kamath upon his company’s recent investment in Nazara.
The company has a market capitalization of Rs. 5023.94 crore. As per its financials on a QoQ basis, the company saw a decrease of 12.05% in its revenue from Rs. 289.3 crore in Q4FY23 to Rs. 254.43 crore in Q1FY24. Its net profit rose by 650% to Rs. 19.5 crore in Q1FY24 from Rs. 2.6 crore in Q4FY23.
Nazara Technologies Limited is known to be the only listed gaming and esports company in India. The company has a presence all over the global markets. Its offerings include gamified early learning ecosystems, ad- tech, esports and a number of other gaming options such as Classic Rummy and many others.
Written by Bhumika Khandelwal
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