Nazara Technologies share jump 6% as ICICI Prudential MF increases stake

The shares of Nazara Technologies closed 6.05 per cent higher at ₹564.20 on BSE. 

ICICI Prudential Mutual Fund has picked up additional 819,648 equity shares in the company.

ICICI Prudential has raised its stake in Nazara Technologies from 2,403,461 equity shares, i.e., 3.65 per cent to 3,223,109 or 4.87 per cent according to the shareholding pattern on BSE.

The public shareholding in the company to 80.95 per cent while the promoter shareholding to 19.05 per cent, according to BSE data.

The stock has declined by 27.31 per cent in the last 12 months and by 15.57 per cent in 6 months. In 2023, the stock has corrected by 8.76 per cent.

Recently, Nazara Technologies Ltd’s has announced its subsidiary Nodwin International Pte. Ltd has signed signed definitive agreements for the acquisition of 51 per cent of the share capital of Branded Pte. Ltd and subsidiary Sportskeeda has completed the acquisition of 73.27 per cent stake in Pro Football Network Inc.

Nazara Technologies announced a net profit of ₹22.4 crore for the December quarter as against ₹17.1 crore in the year-ago quarter, driven by higher other income.

Revenue from operations rose by 69 percent year-on-year to ₹314.8 crore from ₹185.8 crore in the year-ago period. The company’s revenue in the September quarter was ₹263.8 crore and profit stood at ₹17.4 crore.

Other income was higher at ₹11.5 crore in the December quarter as against ₹4 crore a year ago.

The company’s EBITDA stood at ₹30.6 crore in the December quarter as against ₹30.3 crore in the year-ago quarter.