Nazara Technologies shares rose 3.4% to a high of Rs 524 in intraday trade on Thursday after it said it had acquired a majority stake in Pro Football Network LLC (PFN).

At 10:00 am, the stock was trading at Rs 517, down 2%, while the S&P BSE Sensex fell 0.2%. The counter traded around 27,000 shares.

Indian gaming company Nazara Technologies is a subsidiary of Sportskeeda. On Wednesday, Sportskeeda’s parent company, Absolute Sports, said it had taken a 73.27% stake in Pro Football Network worth $1.82 million (roughly Rs 16 crore) through a capital injection and secondary share purchase.

The company said the deal was completed in an all-cash transaction and will be further eyeing several acquisitions to enhance its presence in the sports media space.

Nitish Mittersain, CEO and Joint MD of Nazara Technologies, said: “The acquisition of PFN kicks off a strategy of inorganic growth, in addition to the rapid organic growth in revenue and profitability that the company has been achieving. We look forward to what the team will bring to sports fans worldwide.” The next set of exciting products and content.”

Earlier this week, the stock touched a 52-week low of Rs 481.85 on Monday amidst the current market uncertainty.

However, brokerage ICICI Securities is bullish on the company’s future growth prospects and has initiated coverage with a “buy” call with a target price of Rs 700.