Nazara Technologies surged 20 percent as stock trades ex-bonus

Published On: Friday, June 24, 2022 | By:

Nazara Technologies surged 20 percent as stock trades ex-bonus

Shares of leading online mobile gaming company Nazara Technologies surged almost 20% in Friday's intraday trade after the stock adjusted for the bonus issue on June 24, 2022. The surge in stock price comes after the gaming company announced a share split in 1: 1 ratio. The record date for the Nazara Technologies split has been fixed as June 27, 2022. The stock closed at Rs 623.3, up 20 percent against the previous close of Rs 520.90, "It is hereby informed that the Board of Directors of the Company has fixed Monday, June 27, 2022, as the Record Date, for the purpose of ascertaining the eligibility of shareholders for issuance of Bonus Equity Shares of the Company which means a person having a share of Nazara Technologies by the closing of June 27 is eligible to get a bonus share in the proportion of one new fully paid-up equity shares of Rs 4/- each for every One fully paid up an existing equity share of Rs 4/- each held," Nazara Tech had said in an exchange filing.

After hitting the lowest point since listing, the stock has rebounded. Its lowest closing was Rs 500.38 on June 22 while it touched the high of Rs 1,601.13 on October 11 last year. This means Nazara lost 69 percent in more than eight months of journey, which could be due to the market trend.

After the management meet, Prabhudas Lilladher retained its buy call on Nazara Technologies as the brokerage has increased its earnings per share (EPS) estimates by 2-3 percent and expects sales and PAT CAGR of 35 percent and 54 percent, respectively over FY22-24.

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