Nazara Technologies, PC Jeweller, Mankind Pharma clinch fresh 52-week high; here’s why

On Friday, over 114 stocks advanced to 52-week highs. The benchmark indices trade muted, NIFTY50, traded at 25,372, down 0.07%, and SENSEX at 82,944, down 0.02%. The Nifty Bank is trading at 51,790, up 0.03%, while the fear gauge India VIX fell to 12.74.

The broader market indices traded green, with Nifty Midcap 100 up 0.75% and Nifty Smallcap 100 up 0.81%. All the sectoral indices traded green, except Nifty FMCG and Healthcare trading in red, while Pharma and Auto traded muted.

Top three stocks that hit a fresh 52-week high on Friday, September 13, 2024

Nazara Technologies Ltd

The stock price reacted to the company’s announcement, in which the company announced to invest ₹982 crore in Moonshine Technology which owns India’s leading online poker gaming platform ‘PokerBaazi’.

The acquisition of a 47.7% stake in Moonshine Technology, the parent company of PokerBaazi, India’s leading online poker gaming platform, for ₹832 crore through a secondary transaction. Additionally, Nazara will inject ₹150 crore in primary capital into Moonshine via compulsory convertible preference shares.

PokerBaazi is India’s largest online poker platform, driving over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. PokerBaazi had 340,000 monthly active users as of May 2024.

Earlier on September 11, Nazara announced an investment in STAN, a leading gaming community platform, STAN's user base has surpassed 12 million, with over 80% of users coming through organic and referral-based channels. The platform has shown strong monetization, boasting over 500,000 paying users and a high 30-day retention rate of over 60%.

These acquisitions aim to strengthen Nazara as India’s dominant gaming platform, the stock price of the company has rallied over 61% in the last 6 months.

PC Jeweller Ltd

In the latest positive announcement, the company informed in an exchange filing that it received a refund of ₹67.54 crores from the Income Tax Department, credited to its account on September 06th, 2024.

The stock has been trading upward this month with the stock price up 47%, the debt-ridden company has received multiple one-time settlement acceptance from lenders in recent months.

This week PC Jeweller received approval of its One-Time Settlement (OTS) proposal by Kotak Mahindra Bank. The approval, communicated via email on September 7, 2024, paves the way for the company to resolve its outstanding dues with the bank. The terms of the OTS include a combination of cash and equity payments, the release of securities and mortgaged properties, and other specific conditions. In July 2024, PC Jeweller announced that Punjab National Bank (PNB), the third-largest lender in the company's consortium of banks, approved its OTS proposal.

In Q1FY25, PC Jeweller reported an impressive turnaround in its financial performance, driven primarily by a substantial increase in domestic sales. Sales surged to ₹401 crore and the bottom line turned profitable with a net profit of ₹156 crore.

Mankind Pharma Ltd

Earlier this month the company announced that it would transfer its Over the Counter (OTC) business undertaking to its wholly-owned subsidiary, Mankind Consumer Products. Additionally, Mankind Pharma plans to raise over ₹9,000 crore through a combination of non-convertible debentures (NCDs) and short-term commercial paper to finance the acquisition of Bharat Serums and Vaccines Ltd (BSV) of ₹13,630 crore acquisition. In May, Mankind Pharma's board approved an equity fundraising of ₹7,500 crore and increased its borrowing limit to ₹12,500 crore.

The acquisition of BSV will establish Mankind as a leader in the rapidly growing gynaecology-fertility segment, with an expected market share of around 20%, surpassing Emcure. Mankind’s market share in this sector stood at 8.19% in FY24. As per the company’s latest investor presentation, the company derives 90% of revenue from the domestic market with its strong in-house brands with over 11 brands contributing excess of ₹200 crore.