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Shares of listed gaming major Nazara Technologies jumped 3.3% to reach its 52-week high of INR 1,307.55 apiece during the intraday trading session on the BSE today.
The stock was up 2.4% at INR 1,296.75 per share on the BSE, as of 12:37 PM, compared to its previous close of INR 1,265.90 apiece yesterday.
The market capitalisation currently stands at INR 11,361.64 Cr ($1.33 Bn).
The company’s shares are set to end the 11th straight session in green, if current gains hold. The stock’s leap so far, has marked its best day since January 21, 2022.
This comes at a time when the gaming giant has been on an acquisition spree of multiple smaller gaming startups.
Earlier this month, it received approval from the National Company Law Tribunal (NCLT) for its resolution to buy insolvency-ridden sports entertainment startup Smaaash Entertainment, while Nazara Technologies also disclosed that its subsidiary Absolute Sports was set to acquire two of Titan Insider Digital IPs — TJRWrestling.net and ITRWrestling.com in an all cash deal.
Since the start of this year, the company also bought an additional 8.97% stake in Absolute Sports Private Limited, making the parent company of Sportskeeda its wholly-owned subsidiary, and acquired a majority stake in Mumbai-based Funky Monkeys Play Centers Private Limited for INR 43.7 Cr (around $5.01 Mn).
Nazara’s shares have gained 24.7%, year-to-date.
On the financial front, Nazara Technologies’ consolidated net profit declined 53.5% to INR 13.7 Cr in the third quarter of the financial year 2024-25 from INR 29.5 Cr in the year-ago quarter.
Meanwhile, its operating revenue zoomed 66.8% to INR 534.7 Cr during the quarter under review from INR 320.4 Cr in Q3 FY24.
To note, the company is set to report its Q4 FY25 earnings on May 26.
The post Nazara Shares Jump 3% To Reach 52-Week High appeared first on Inc42 Media.
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