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Nazara Technologies Gaming Stock Surges Nearly 20% Ahead Of Record Date

Shares of leading mobile gaming company Nazara Technologies rose by almost 20% in Friday’s intraday trade. The Nazara stock started trading ex-bonus from today, 24th June 2022. 

The company recently announced a share split in a ratio of 1:1. The surge in the stack comes following the company’s announcement. The company had decided the record date for the split has been fixed as 27th June 2022.  

In an exchange filing, the company said, “It is hereby informed that the Board of Directors of the Company has fixed Monday, 27th June, 2022, as the Record Date, for the purpose of ascertaining the eligibility of shareholders for issuance of Bonus Equity Shares of the Company in the proportion of one new fully paid-up equity shares of ₹4 each for every One fully paid up an existing equity share of ₹4 each held.”

In early trade on the Bombay Stock Exchange (BSE) on Friday, the shares of Nazara Technologies gained 19.4% to stand at ₹623.95 per share. According to the closing price as of 23rd June, the shares were available at a 68% discount compared to its 52-week high price of ₹1,667.20. The share yielded a negative return of approximately 20% over the past one year, on Friday.

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ALSO READ: Nazara Technologies Acquires Skill Gaming Platform OpenPlay

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Billionaire investor Rakesh Jhunjhunwala also holds a considerable stake in Nazara Technologies. According to his portfolio in the quarter ending March 2022, the gaming company’s stock is one of the 33 stocks that he holds. Jhunjhunwala, who is also known as the ‘Big Bull’ of the Indian stock market due to his strong presence in the market, holds a 10.1% stake in Nazara Technologies. The 10.1% stake consists of 3,294,310 shares as of March 2022. 

Delta Corp was the only gaming company to be listed for many years in India, until Nazara Technologies and other companies entered the arena. Nazara, and its valuation, in a way, indicates the growth of the overall gaming industry in the country. With influential investors like Jhunjhunwala actively showing interest in gaming companies, it reflects the potential and scope the industry holds. 

Nazara, being one of the few listed gaming companies in India, includes some of the most popular intellectual properties like Sportskeeda, Nodwin Gaming, HalaPlay, WCC3, Carrom Clash, Kiddopia, and Qunami. With 10 subsidiaries, the company has an active presence in India, as well as global markets like Africa and North America.

For more news and updates, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter, and Telegram.

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