Nazara Technologies shares gain 9% after subsidiary raises Rs 232 crore

Shares of Nazara Technologies Ltd rose 9 percent today after Nodwin Gaming, the subsidiary of the online gaming company, raised $28 million (Rs 232 crore) from new and existing investors in its latest funding round. 

In the current trading session, Nazara Technologies shares rose 8.91% to a high of Rs 632.6 against the previous close of Rs 580.85 on BSE. The stock of Nazara Technologies has gained 5.16% this year and risen 1.9% in the last one year. Total 0.90 lakh shares of the firm changed hands amounting to a turnover of Rs 5.59 crore on BSE today.     

Market cap of the firm rose to Rs 4075 crore on BSE today. The stock opened 2.26% higher at Rs 593.95 on BSE. 

In terms of technicals, the relative strength index (RSI) of Nazara Technologies stock stands at 61.5, signaling it's trading neither in the oversold zone nor in the overbought zone. The stock has a beta of 1.3, indicating high volatility in a year. Nazara Technologies stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 

Nazara Tech in a communication to BSE said, “NODWIN Gaming, a material subsidiary of Nazara Technologies Limited has signed definitive and binding documentation to raise $ 28M (Rs 232 crore) from new and existing investors. Majority of these funds will be channelized towards growing the Gaming and esports ecosystem of NODWIN by expanding and incubating newer IPs, growing the emerging market footprint of NODWIN and for strategic acquisitions that drive value to the network.” 

Nazara Technologies is an India-based gaming and sports media platform known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series. 

Also read: SBI shares at Rs 800? This state-run bank has answers for capital, ECL questions

Also read: Can ITC shares make fresh highs after Q4 results? DII ownership, other factors to watch