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Synopsis: Nazara Technologies shares rose over 4% following a significant block deal involving promoter Mitter Infotech LLP and Plutus Wealth Management LLP. The market capitalization of the digital entertainment firm climbed to Rs4,902.49 crore, with the highest turnover recorded at Rs312 crore.
Shares of Nazara Technologies experienced a notable surge of over 4% today, reaching Rs646 amidst reports of a substantial block deal by a promoter. Mitter Infotech LLP, a promoter entity, sold 48.84 lakh equity shares, which equates to 6.38% of the company's issued share capital, to Plutus Wealth Management LLP through an on-market transaction in the block deal window.
This significant transaction boosted Nazara Technologies' market capitalization to Rs4,902.49 crore. The company recorded an impressive turnover of Rs312 crore, with 50.26 lakh shares traded on the Bombay Stock Exchange (BSE).
The trading day commenced with Nazara Technologies' stock opening lower at Rs590.85, marking a new 52-week low. Despite this, the stock has seen a 3% rise over the past year, although it has dropped 24.64% year-to-date. The stock's beta of 0.7 indicates lower volatility over the year.
Technically, the stock's relative strength index (RSI) stands at 39.8, suggesting it is neither overbought nor oversold. It is trading above its 5-day, 10-day, 20-day, and 30-day moving averages but remains below its 50-day, 100-day, 150-day, and 200-day averages.
At the end of the March 2024 quarter, Mitter Infotech held a 13.75% stake in Nazara Technologies, equivalent to 1.05 crore shares. Meanwhile, Plutus Wealth Management owned a 6.63% stake, or 50.76 lakh shares, at the end of the last quarter. Plutus Wealth Management has been an investor in Nazara since 2020, prior to the company's IPO.
Nazara Technologies, a prominent player in the digital entertainment space, reported a 65% year-on-year increase in revenue from operations in the March quarter, reaching Rs289.3 crore. The company's EBITDA surged 86% year-on-year to Rs27.7 crore, reflecting strong performance across its business verticals including gaming, eSports, and ad tech.
This recent block deal and the resulting share price movement highlight the dynamic nature of investor sentiment and strategic transactions within the company.
Disclaimer: We provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Related Questions
1. What triggered the surge in Nazara Technologies' shares today, and what notable transaction took place?
Nazara Technologies' shares surged over 4% today due to reports of a substantial block deal by a promoter. Mitter Infotech LLP, a promoter entity, sold 48.84 lakh equity shares, which is 6.38% of the company's issued share capital, to Plutus Wealth Management LLP through an on-market transaction in the block deal window.
2. What was the impact of the block deal on Nazara Technologies' market capitalization, and how did the company perform in terms of turnover and trading volume?
The block deal boosted Nazara Technologies' market capitalization to Rs4,902.49 crore. The company recorded a turnover of Rs312 crore with 50.26 lakh shares traded on the Bombay Stock Exchange (BSE).
3. How has Nazara Technologies' stock performed over the past year, and what is its current volatility level?
Despite opening lower at Rs590.85, marking a new 52-week low, Nazara Technologies' stock has seen a 3% rise over the past year. However, it has dropped 24.64% year-to-date. The stock's beta of 0.7 indicates lower volatility over the year.
4. What are the technical indicators suggesting about Nazara Technologies' stock, and how does it relate to its moving averages?
Nazara Technologies' stock's RSI stands at 39.8, suggesting it is neither overbought nor oversold. It is trading above its 5-day, 10-day, 20-day, and 30-day moving averages but remains below its 50-day, 100-day, 150-day, and 200-daymoving averages.
5. What are the stakes held by Mitter Infotech LLP and Plutus Wealth Management LLP in Nazara Technologies, and what is their historical involvement with the company?
At the end of the March 2024 quarter, Mitter Infotech held a 13.75% stake in Nazara Technologies, equivalent to 1.05 crore shares. Plutus Wealth Management owned a 6.63% stake, or 50.76 lakh shares, at the end of the last quarter. Plutus Wealth Management has been an investor in Nazara since 2020, prior to the company's IPO.
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