Nazara Tech Shares Soar 8% to 52-Week High After Rs 190-Crore Block Deal

Shares of Nazara Technologies soared nearly 8% and hit a 52-week high of ₹1,341.80 after a block deal worth ₹190 crore hit the counter on June 13.

Reports showed that as many as 15.42 lakh shares, equivalent to a 1.77% stake in the company changed hands in the block deal. The transaction was executed at an average of ₹1,227.50 per share, a 1.5% discount to the last closing price.

Buyers and sellers involved in the transaction could not be immediately identified.

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Nonetheless, the block deal did tip off a solid spike in trading volumes. As many as 61 lakh shares of Nazara Tech changed hands on the exchanges thus far, already thrice the one-month daily traded average 12 lakh shares.

Earlier this week, ace investor Rekha Jhunjhunwala trimmed a 2% stake in the gaming company between June 2-6. Rekha Jhunjhunwala inherited the portfolio of her late husband, Big Bull Rakesh Jhunjhunwala. She offloaded 17.28 lakh shares of Nazara Tech, representing a near 2% stake in the company, making ₹218 crore off the sale.

With the latest stake sale, Jhunjhunwala’s stake in the company has now reduced to 5.07%, down from the earlier 7.05%.

The Big Bull Rakesh Jhunjhunwala was one of the early investors of Nazara Tech, holding over 10% stake at the end of the June FY23 quarter.

The timing of the stake sale also comes after the stock has delivered strong gains, surging 43% in the last three months.

Nazara Technologies reported a strong turnaround in Q4 as it posted a net profit of ₹4 crore, a sharp rise from just ₹18 lakh in the same period last year. The gaming company also recorded a 95% surge in revenue to ₹520 crore, compared to ₹266 crore in Q4 FY24.