Nazara Technologies Highlights: Stock Price Surge After STAN Acquisition
Nazara Technologies Stock Price Surges Post STAN Stake Acquisition
Shares of Nazara Technologies rose by 6% after it was revealed that the gaming company acquired a 15.86% stake in GetStan Technologies Pte. Ltd (STAN) for Rs 18.4 crore. This acquisition positively influenced the Nazara Technologies share price, which reached an intraday high of Rs 1,019 per share.
About STAN and Its Growth
Founded by Parth Chadha, Nauman Mulla, and Rahul Singh, STAN has developed into an engaging esports community platform in India, surpassing 12 million users by July 2024. With strong monetization efforts resulting in over 500,000 paying users and high retention rates, STAN's mobile app has been a hit on the Google Play Store, consistently ranking in the top 51.
Nazara's Strategic Moves in Online Gaming
Nitish Mittersain, CEO of Nazara Technologies, emphasized that this acquisition allows the company to broaden its influence in the gaming and esports sector. Furthermore, Nazara Technologies holds a significant position in both emerging and established markets, maintaining a diverse portfolio including popular titles like WCC and CarromClash.
Market Overview
The current market capitalization of Nazara Technologies stands at Rs 7,662.20 crore, with share price showing a steady increase. At noon, the shares were trading at Rs 1,001.05, rising by 3.69% compared to prior trading levels.
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