The stock shed some of the gains later in the trading session, and the shares were trading at INR 1001.55 at 12:54 PM
This comes soon after the gaming major incorporated a new subsidiary, Nazara Technologies UK Ltd, in the United Kingdom (UK) to expand its operations
The new UK-based subsidiary will enable Nazara to further expand its operations and tap into newer markets for its products
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Shares of gaming major Nazara Technologies jumped as much as 8.5% to touch a 52-week high at INR 1,035 during the intraday trading on the BSE today (August 2).
The stock shed some of the gains later in the trading session, and the shares were trading at INR 1001.55 at 12:54 PM.
This comes soon after the gaming major incorporated a new subsidiary, Nazara Technologies UK Ltd, in the United Kingdom (UK) to expand its operations.
In a filing with the bourses, Nazara said on Thursday, “The incorporation of Nazara UK aligns with the company’s strategic objectives to expand its existing gaming business in (the) UK”.
The new UK-based subsidiary will enable Nazara to further expand its operations and tap into newer markets for its products.
The development comes at a time when Nazara has been pumping capital to acquire companies in droves as it looks to expand its operations. For instance, Nazara’s NODWIN picked up an additional 43.49% stake in a Germany-based marketing services company for gaming and esports, Freaks 4U Gaming, last month for INR 212.9 Cr.
This week, Nazara Technologies’ subsidiary Nextwave Multimedia also completed the acquisition of casual freemium card game “UTP – Ultimate Teen Patti”.
Recently, the company sought approval from its shareholders for an increase in the limits to provide loans, guarantees, securities, or make investments.
The proposal includes granting loans on favourable terms and conditions to any person(s) or other corporate bodies. Additionally, it includes providing guarantees or securities in connection with loans taken by the company’s subsidiaries, associates, or other corporate bodies.
The gaming major saw its consolidated net profit decline 98% to INR 18 Lakh in the fourth quarter (Q4) of the financial year 2023-24 (FY24) from INR 9.4 Cr in the year-ago period. Operating revenue fell 8% year-on-year (YoY) to INR 266.2 Cr in the quarter ended March 2024.
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