Business News/ Markets / Stock Markets/  Rakesh Jhunjhunwala portfolio stock trades ex-bonus, shares rally 20%

Shares of Nazara Technologies rallied about 20% to 623 apiece on the BSE in Friday's trading session as the stock started trading ex-bonus ahead of its record date for the bonus shares issue. Bonus shares are fully paid additional shares issued by a company to its existing shareholders. 

With its Q4 results, the company's board approved a bonus of one share against each share held by the shareholders. They have fixed Monday, June 27, 2022 as the record date for the proposed bonus shares issue.

“It is hereby informed that the Board of Directors of the Company has fixed Monday, June 27, 2022 as the Record Date, for the purpose of ascertaining the eligibility of shareholders for issuance of Bonus Equity Shares of the Company in the proportion of one new fully paid up equity shares of 4/- each for every One fully paid up existing equity share of 4/- each held," Nazara Tech had informed in an exchange filing.

The digital gaming and sports platform posted an about 17% increase in consolidated profit to 4.9 crore for the quarter ended March 2022. The company had logged a profit of 4.2 crore in the same period a year ago. Revenue from operations increased by about 42% to 175 crore during the reported quarter from 123 crore in the year-ago period.

"I am glad to report that we have surpassed our revenue and EBITDA guidance for FY22, despite the headwinds caused by change in Apple policies and regulatory environment in real money gaming in India and negative impact of COVID-19 in e-sports segment," Nazara Technologies CEO Manish Agarwal had said in its Q4 earnings release.

As per BSE shareholding pattern, Indian ace investor and stock market trader Rakesh Jhunjhunwala owns 10.10% stake in the gaming tech company as of March 2022.

Nazara Technologies is India based diversified gaming and sports media platform with presence across emerging and developed global markets. Shares of Nazara Tech are down more than 59% in a year's period, whereas the Rakesh Jhunjhunwala portfolio stock has declined over 74% in 2022 (YTD) so far as compared to a 11% fall in benchmark Sensex.  

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Updated: 24 Jun 2022, 11:27 AM IST
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