Shares of leading mobile gaming company Nazara Technologies surged almost 20% in Friday’s intraday trade as the stock started trading ex-bonus from today, June 24, 2022. The surge in stock price comes after the gaming company announced a share split in 1: 1 ratio. The record date for Nazara Technologies split has been fixed as June 27, 2022.
“It is hereby informed that the Board of Directors of the Company has fixed Monday, June 27, 2022, as the Record Date, for the purpose of ascertaining the eligibility of shareholders for issuance of Bonus Equity Shares of the Company in the proportion of one new fully paid-up equity shares of Rs 4/- each for every One fully paid up an existing equity share of Rs 4/- each held,” Nazara Tech had said in an exchange filing.
Shares of Nazara Technologies gained 19.4% to 623.95 per share in early trade on the BSE on Friday. On June 23 closing price, the stock is available at a discount of 68% from its 52-week high value of Rs 1,677.20. As on Friday, shares yielded a negative return of around 20% in the past one year.
Rakesh Jhunjhunwala stake in Nazara Technologies
Nazara Technologies is one of the 33 stocks that billionaire investor Rakesh Jhunjhunwala holds in his portfolio in the quarter ending March 2022.
Fondly called Big Bull of the Indian stock market, Jhunjhunwala commands 10.1 % stake, totalling to 3,294,310 shares of the gaming company as of March 2022.
What is bonus share?
Bonus shares are an additional number of shares given by the company to its existing shareholders as “bonus” when they are not in the position to pay a dividend to its shareholders despite earning decent profits for that quarter.
Nazara Tech q4 earnings
Earlier, Nazara Technologies posted an about 17 per cent increase in consolidated profit to Rs 4.9 crore for the quarter ended March 2022. The company had logged a profit of Rs 4.2 crore in the same period a year ago.
Revenue from operations increased by about 42 per cent to Rs 175.1 crore during the reported quarter from Rs 123.4 crore in the year-ago period.
