On Monday, August 1, shares of Nazara Technologies, a gaming startup financed by Rakesh Jhunjhunwala, reached a 20 per cent high on the BSE before finally ending at INR 636.15.
Nazara’s shares surged from their higher opening price of INR 566 to INR 636.15.
The firm reported strong financial results for the first quarter of the fiscal year 2022–23, which led to an increase in share prices (FY23). The company’s combined profit after tax (PAT) increased by 22% year over year (YoY) to INR 16.5 Cr.
Operating revenue increased 70% to INR 223.1 Cr in the first quarter of FY23 from INR 131.2 Cr in the same period of FY22.
Nazara is still far from its record high of INR 1,677.20, which it hit in October of last year, despite the rise in share prices.
In the past nine months, the recession has severely damaged more than 62 per cent of investors’ wealth.
Nazara’s market valuation was INR 4,177.25 Cr at the close of trading.
Shares of One97 Communications, the parent company of Paytm, a prominent player in the fintech industry, also rose more than 10% on the BSE to close at INR 745. The share price initially started at INR 706.65 before soaring to an intraday high of INR 751.85.
In a letter to shareholders last week, Paytm CEO and MD Vijay Shekhar Sharma estimated that the business would attain operational profitability by the third quarter of 2023, which ends in September.
The fintech company that has suffered from market volatility had a better month in July. Paytm shares have increased more than 13 per cent in the past month from INR 657.30 at the start of July to the present values.
The parent company of fintech player Policybazaar, PB Fintech, also experienced significant gains on Monday following nearly a month of negative market sentiment wreaking havoc on its shares. On the BSE, its shares increased 7.4% to settle at INR 502.80.
Additionally, Nykaa’s shares, an online seller of cosmetics, increased 1.38 per cent to close the day at INR 1,415.85.
The shares of logistics platform Delhivery also fell, with shares sliding 0.76 per cent to INR 630.35, as Zomato shares continued their downward trend, falling 1.07 per cent on the BSE to INR 46.35 per share.
Overall, on Monday, the BSE Sensex increased by 0.95 per cent to 58,115 while the Nifty50 surged by 1.06 per cent to 17,340.