Indian financial titans, akin to Warren Buffett, have recently divested their holdings in these particular stocks. Given this, one might question whether similar moves could signal a potential market downturn, and thus, cause perturbation.
In a significant development, two prominent Indian investors, Mukul Agarwal and Rekha Jhunjhunwala, have sold off their shares in PIX Transmissions Ltd and Nazara Technologies Ltd, respectively.
Mukul Agarwal, a well-known Indian investor, exited his holding in PIX Transmissions, a leading manufacturer of belts and mechanical power transmission products, which he had held since September 2019. The specific reasons for this sale were not explicitly stated, but it was part of his broader portfolio adjustments involving 64 stocks worth Rs 7,577 crore.
Rekha Jhunjhunwala, another prominent Indian investor, sold off her stake in Nazara Technologies, a diversified gaming and sports media platform present in India and other global markets. She had held this stock since December 2022 before deciding to exit. Again, no direct reason was given, but the sale is noted as significant given her stature and the prominence of the asset in emerging sectors.
Both moves have elicited strong market curiosity and questions regarding their motivation, but publicly available information does not specify their detailed rationale. It may be inferred that they restructured their portfolios possibly based on market outlook or valuation considerations, but no definite reasons were confirmed.
There were no mentions in the search results of financial distress or company-specific negative news as triggers for these sales. Instead, such exits by major investors often indicate strategic rebalancing rather than a loss of confidence.
In terms of financial performance, PIX Transmissions Ltd has seen a remarkable growth in its net profits. The net profits of the company grew at a compound rate of 29% from Rs 30 crore FY20 to Rs 113 crore in FY25. Similarly, the EBITDA of the company grew at a compounded rate of 22% from Rs 61 crore in FY20 to Rs 163 crore in FY25. The company's stock is trading at a PE of 18x, while the industry median is 34x. The 10-year median PE for PIX Transmissions is 16x and the industry median for the same period is 25x. The share price of PIX Transmissions Ltd was around Rs 125 in July 2020 and as of closing on 25 July 2025 it was Rs 1,507, which is an over 1,105% jump.
Nazara Technologies Ltd, on the other hand, has seen a mixed performance. The company showed a turnaround in net profits post FY20, with FY25 profits number coming to 51 crore. However, the company logged in operating losses of Rs 114 crore in FY25. Nazara Technologies Ltd, incorporated in 1999 and listed in 2021, has a market cap of Rs 12,377 crore and offers interactive gaming, eSports, and gamified early learning ecosystems. The stock of Nazara Technologies Ltd is trading at a PE of 198x, while the industry median is 98x. The 10-Year median PE for Nazara is 106x and the industry median for the same period is 70x. The share price of Nazara Technologies Ltd was around Rs 920 in July 2021 and has jumped to Rs 1,414 as of closing on 24 July 2025.
The company is executing a multi-pronged strategy including global expansion via M&A, fortifying core gaming and esports assets, building IP-driven businesses, and leveraging technology/AI for operational excellence. Nazara Technologies Ltd has also declared an equity dividend amounting to Rs 9.00 per share on 18 July 2025.
In the face of a shift from an era of globalization to deglobalization/protectionism, as suggested by the Chairman's statement, these companies are presenting both challenges and opportunities. PIX Transmissions Ltd, committed to sustainability, has seen its sales grow at a compounded growth rate of 14% from Rs 304 crore in FY20 to Rs 589 crore in FY25. Nazara Technologies Ltd, on the other hand, saw sales grow at a compounded growth rate of 46% from Rs 248 crore in FY20 to Rs 1,624 crore in FY25.
The Chairman of Nazara Technologies Ltd, Amarpal Sethi, has stated that the current environment is volatile and uncertain, with wars and tariff-wars adding to the challenges, but also providing opportunities for India to capitalize on its inherent strengths.
[1] Source: Livemint, The Economic Times [3] Source: Business Standard, Moneycontrol
- Mukul Agarwal, an Indian investor known for his stake in PIX Transmissions, a leading manufacturer of belts, sold off his shares worth Rs 7,577 crore across 64 stocks, indicating a possible restructuring of his portfolio.
- The sale of Rekha Jhunjhunwala's stake in Nazara Technologies, a gaming and sports media platform, was also significant, despite no direct reason being given, suggesting a strategic rebalance rather than a loss of confidence.
- PIX Transmissions Ltd, despite selling off shares, has shown remarkable growth in its net profits, with a compound rate of 29% from FY20 to FY25, trading at a PE of 18x, lower than the industry median of 34x.
- On the contrary, Nazara Technologies Ltd, although showing a turnaround in net profits post FY20, has also logged in operating losses and trades at a PE of 198x, higher than the industry median of 98x.
- Both companies, PIX Transmissions and Nazara Technologies, are navigating the volatile and uncertain global market, exemplified by the Chairman's statement of the current environment being marked by wars and tariff-wars.
- In the realm of digital finance (defi), Nazara Technologies Ltd declared an equity dividend amounting to Rs 9.00 per share on 18 July 2025, reflecting a strategic move in the face of shifting global market trends.
