Shares of Nazara Technologies Limited witness a 6% surge, reaching Rs 723 in early trading on June 5,
following the announcement of its subsidiary’s acquisition of SoapCentral.com assets for Rs 11.6 crore. The move aims to bolster Absolute Sports’ presence in the US entertainment publishing sector, complementing its existing pop culture destination, SK Pop.
With the acquisition expected to conclude within 30 days, Nazara Tech expresses confidence in rapidly scaling SoapCentral. Absolute Sports, known for its flagship brand Sportskeeda.com, enjoys a global reach, serving over 100 million fans monthly, spanning sports and esports coverage.
Despite a recent decline in net profit for Nazara Technologies in the fourth quarter, attributed to discontinued operations, including write-offs in legacy businesses like Halaplay, the company remains focused on aligning its portfolio with future vision. This includes potential mergers or closures of non-aligned entities such as Nazara Bangladesh and NZ Mobile Nigeria.
As of mid-morning trading, Nazara Tech shares are trading at Rs 720, marking a 7% increase from the previous close on the NSE. Year-to-date, the stock has rallied 15%, reflecting investor optimism surrounding the company’s strategic moves in the entertainment and gaming sectors.