Nazara Technologies shares rise 4% on MoU with Telangana govt

Shares of Nazara Technologies rose over 4% on Thursday after the company joined hands with the Telangana state government to open an artificial intelligence (AI) centre of excellence (CoE). Nazara Technologies inked a memorandum of understanding (MoU) with the government of Telangana. Nazara aims to establish a AI CoE focusing on gaming and digital entertainment via this partnership. 

Nazara Technologies stock rose 4.35% percent to Rs 987.95 on Thursday against the previous close of Rs on BSE. Market cap of the firm climbed to Rs 7,300 crore on BSE. It has climbed 10.46% this year and risen 5.55% in the last one year. Total 0.49 lakh shares of the firm changed hands amounting to a turnover of Rs 4.65 crore on BSE.        

The stock has a beta of 1.3, indicating low volatility in a year. 

In terms of technicals, the relative strength index (RSI) of Nazara Technologies stock stands at 55.3, 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.    

“This collaboration will enable Nazara to further our mission of integrating AI and emerging technologies across our diverse portfolio, positioning us as a leader in AI-driven innovations in gaming and digital entertainment,” said Nitish Mittersain, Joint MD & CEO, Nazara Technologies.

The Nazara AI CoE will drive research, development, and innovation in areas such as gaming, interactive media, gamified learning, and other digital content, leveraging cutting-edge technologies like AI, VR/AR, blockchain, and Web 3.0, the company 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.