Nazara Tech Shares Hit Highest Level Since Feb 2022 As Board To Consider Fundraise
The board will meet on Wednesday to consider a fundraise via preferential issue.
Nazara Technologies Ltd. shares rose to hit over two-year high on Monday, two days before the company's board is set to consider a fundraise via preferential issue. The board will meet on Wednesday, according to an exchange filing.
The company has invested Rs 982 crore in Moonshine Technology — owner of leading online poker gaming platform, 'PokerBaazi', it said last week.
Nazara Tech Stock Movement
Shares of Nazara Technologies Ltd. rose as much as 3.22% to the highest level since Feb. 2, 2022, before paring gains to trade 0.99% higher at Rs 1,060.05 per share as of 10:47 a.m. This compares to a 0.19% rise in the NSE Nifty 50.
The stock has gained 27.23% in 12 months, and 24.08% year-to-date. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 74.00, which implied the stock was overbought.
Out of 11 analysts tracking the company, five maintain a 'buy' rating, two recommend a 'hold' and four suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 11.9%.
