Nazara Technologies soars 16% after strong June quarter results

Shares of Nazara Technologies surged 16 per cent to Rs 616 apiece in Monday’s intra-day trade. The spike comes after the mobile gaming company reported over 22 per cent year-on-year (YoY) rise in consolidated net profit to Rs 16.5 crore in April-June quarter (Q1FY23). Meanwhile, revenue soared 70 per cent YoY to Rs 223.1 crore from Rs 131.2 crore in the year-ago period.

Despite today’s rally, the stock of Nazara Technologies is down over 66 per cent from its 52-week high of Rs 1,601 that it had touched on October 11, 2021. So far this year, the stock has bled over 48 per cent. In comparison, Nifty50 and the S&P BSE Sensex have declined over 2 per cent each, during the same period.