Shares of Nazara Technologies Ltd. jumped 5% on Wednesday to the highest level in over three months as it partnered with four Indian game studios to publish five games.
The games selected for publication includes 'Gravity Shooter' by Smash Head Studios, 'World Cricket League' from Wandermind Labs, 'Hacked: Password Puzzle' by Pixcell Play, and ATG Studios' 'Laser Tanks' and 'Paperly', according to an exchange filing.
Nazara also aims to publish 20 games within the next 12 to 18 months and invest between Rs 1 crore and Rs 3 crore per game, it said.
On the NSE, Nazara's stock rose as much as 5.08% during the day to Rs 919.70 apiece, the highest since Sept. 6. It pared gains to trade 0.38% higher at Rs 878.50 apiece compared to a 0.25% decline in the benchmark Nifty 50 as of 1:42 p.m.
The share price has risen 58.06% on a year-to-date basis. The total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 73.
Five out of the 12 analysts tracking Nazara have a 'buy' rating on the stock, six recommend 'hold' and one suggests 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 55.2%.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
