Shares of Nazara Technologies Ltd. jumped over 7% on Tuesday to the highest in nearly three months after Plutus Wealth Management LLP bought a 6.66% stake in the company.
Plutus bought 48.84 lakh shares at Rs 620.5 apiece. Promoter Mitter Infotech LLP sold the stake, according to data on the exchanges.
As of March 31, Mitter Infotech held a 13.75% stake in the company and Plutus held a 6.63% stake, according to the BSE.
On the NSE, Nazara's stock rose as much as 7.49% during the day to Rs 722.90 apiece, the highest since March 6. It was trading 4.48% higher at Rs 702.05 per share, compared to a 0.13% advance in the benchmark Nifty at 10:17 a.m.
The share price has fallen 18.05% on a year-to-date basis but risen 9.55% in the last 12 months. The total traded volume so far in the day stood at 7.40 times its 30-day average. The relative strength index was at 70.88, indicating that the stock may be overbought.
Seven out of the 12 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 10.1%.
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