This Rakesh Jhunjhunwala stock is soaring on Friday afternoon! Find out why?

This Group B online gaming stock has jumped over 16 per cent.

Nazara Technologies Ltd is a leading India-based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across interactive gaming, eSports, and gamified early learning ecosystems.  

As per the BSE shareholding pattern, as of March 2022, Big Bull owns a 10.1% stake in this gaming tech company. The board of Nazara Technologies has fixed Monday, 27 June 2022 as the record date for the proposed issue of bonus shares. The company is planning to issue 1 fully paid-up bonus equity share of Rs 4 each for 1 existing equity share (1:1) and this bonus issue is subject to the approval of the shareholders which is being obtained by way of Postal Ballot through remote e-voting.  

The company reported a 17 per cent increase in the consolidated profit to Rs 4.9 crore for the quarter ended March 2022, as against the same quarter previous year, which had reported a profit of Rs 4.2 crore. The company also reported a surge in the revenue from operations by 42 per cent to Rs 175.1 during the March 2022 quarter from Rs 123.4 crore, which was reported in the same quarter the previous year.  

Today, June 24 2022, the stock started trading ex-bonus. Subsequently, the shares have rallied. At 12:55 pm, the share price was up by 16.36 per cent and the scrip was trading at Rs 608.