Nazara Technologies shares gain 4% amid reports of block deal

Shares of Nazara Technologies surged over 4% to Rs 646 today amid reports of block deal by a promoter. Mitter Infotech LLP, a promoter of Nazara Technologies sold 48.84 lakh equity shares, representing 6.38% of the issued share capital to Plutus Wealth Management LLP through an on-market transaction in a block deal window today. Market cap of the digital entertainment firm climbed to Rs 4,902.49 crore. The firm clocked the highest turnover of Rs 312 crore as 50.26 lakh shares of the firm changed hands on BSE. The stock opened lower at Rs 590.85, also its fresh 52 week low on BSE. It has fallen 24.64% this year and risen 3% in one year. The stock has a beta of 0.7, indicating low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Nazara Technologies stock stands at 39.8, signaling it's neither trading in the overbought nor in the overbought zone. Nazara Technologies stock is trading higher than the 5 day, 10 day, 20 day, 30 day but lower than the 50 day, 100 day,  150 day and 200 day moving averages.   

Mitter Infotech held 13.75% stake or 1.05 crore shares in the firm at the end of March 2024 quarter. On the other hand, Plutus Wealth Management owned 6.63% stake or 50.76 lakh shares at the end of last quarter.

Plutus Wealth Management is an investor in Nazara since 2020 even before the IPO of the company hit the market.