This Rakesh Jhunjhunwala backed stock is trading in green amid market crash
The stock is trading up by 1.3% as the board approves the preferential issue.
Rakesh Jhunjhunwala backed IT-software company Nazara Technologies Ltd has been trending on Dalal Street as it has rallied by over 1.3% when Sensex has fallen by 2.5%. The share has been trading in the green territory today. The scrip opened at Rs 1,725.20 and made a day’s high of Rs 1,800.05. At 11:55 pm today, the stock is trading at Rs 1766.10, up by 1.05% on the BSE.
In the board meeting held on 4 March, the board has approved several corporate decisions. The company would acquire a 33% equity stake in Datawrkz Business Solutions Pvt Ltd by the preferential issue of its equity shares aggregating to Rs 25 crore. However, it is subject to approval from shareholders and some regulatory authorities. Secondly, it also approved of investment of Rs 30 crore in its subsidiary- Next Wave Multimedia Pvt Ltd by way of subscription to further equity shares.
Talking about its recent quarterly results, in Q3FY22, revenue grew by 42.48% YoY to Rs 185.8 crore from Rs 130.4 crore in Q3FY21. On a sequential basis, the top-line was up by 43.36%. PBIDT (Ex OI) was reported at Rs 29.1 crore, up by 14.12% as compared to the year-ago period and the corresponding margin was reported at 15.66%, contracting by 390 basis points YoY. PAT was reported at Rs 14.8 crore, down by 17.32% from Rs 17.9 crore in the same quarter for the previous fiscal year. The PAT margin stood at 7.97% in Q3FY22 contracting from 13.73% in Q3FY21.
Nazara Technologies Ltd. operates as a mobile entertainment company that develops branded and original mobile content. It offers mobile games and applications, as well as multimedia solutions, including various themes and wallpapers. The stock has a 52-week high of Rs 3,3354.40 and a 52-week low of Rs 1,412.50.
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