Shares of Nazara Technologies are in focus today after the gaming tech firm said announced the acquisition of a 15.86% stake in GetStan Technologies Pte. Ltd (STAN), an esports community platform in India. The deal was done via the company's wholly owned subsidiary Nazara Dubai FZ. Nazara will buy stake for approximately Rs 18.4 crore in an all-cash secondary transaction.
Shares of Nazara Technologies ended 0.24% higher at Rs 965.45 on Wednesday against the previous close of Rs 963.10. Market cap of the firm climbed to Rs 7,389 crore on BSE. It has climbed 12.81% this year and risen 9.29% in the last one year. Total 1.01 lakh shares of the firm changed hands amounting to a turnover of Rs 9.84 crore on BSE.
The stock has a beta of 1.4, indicating high volatility in a year.
In terms of technicals, the relative strength index (RSI) of Nazara Technologies stock stands at 59, signaling it's neither trading in the overbought nor in the overbought zone. Nazara Technologies stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
“Nazara’s investment in STAN strengthens our position in the rapidly growing gaming and esports landscape. This acquisition allows us to expand our reach while empowering content creators and fostering a stronger gaming community,” Nitish Mittersain, founder and CEO, Nazara Technologies, said.
STAN’s mobile-first approach and focus on community engagement align perfectly with our vision to become a leading player in the global esports ecosystem, he added.
STAN is a leading gaming community platform in India, dedicated to creating a vibrant ecosystem for gamers and creators. With a mobile-first design and a focus on user experience, STAN connects gamers, facilitates meaningful interactions, and provides tools for content creators to thrive.
“Nazara’s investment will be a major boost for STAN, fast-tracking our journey to redefine gaming and esports communities and help us achieve our vision,” Parth Chadha, CEO, STAN, said. 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.