Big bull Rakesh Jhunjhunwala owns 10.03% stake in Nazara Tech.
Nazara Tech’s stock continues to rally after impressive first-quarter results.
This tech stock has jumped nearly 40 percent in five trading sessions.
New Delhi. Nazara Tech. The shares, which are included in Big Bull Rakesh Jhunjhunwala’s portfolio (Rakesh Jhunjhunwala Portfolio), saw a storm on Tuesday, August 2. In early trading, the technology stock rose 13 percent to Rs 727. This stock has gained nearly 40 percent in 5 trading sessions. Global brokerage firm Jefferies is also now saying that the stock will give investors good returns in the near future.
In the first quarter of fiscal 2023, Najara achieved 70 percent year-on-year growth, Jefferies notes. This is due to e-sports and acquisitions. The growth outlook in eSports is still strong. In Kidopia, too, the price hike should be profitable. As per shareholding pattern of Najara Tech till June 2022, Rakesh Jhunjhunwala holds 10.03% stake in Najara Tech.
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Jefferies gave it a buy rating
According to a report by LiveMint, Jefferies has upgraded its rating on Nazara Tech shares to Buy. Its target price is Rs 780. “E-Sports achieved impressive revenue growth of 77 percent year-on-year,” Jefferies wrote in his note. NodeWin’s revenue also grew by 68 percent year over year. Similarly, Krira-Kida’s revenue also grew by 103% on year-on-year basis. Sports-kids revenue has more than doubled.”
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Nazara Tech’s share price continues to rise on Tuesday. Nazara shares opened with a boom today and after a while they had a great rally and it jumped 13 percent to Rs 727. The stock has gained 39.15 percent in the last five trading sessions. The stock jumped 10.49 percent in one month. But over the past six months, Nazara Tech’s stock has given investors only losses during this period, falling 35 percent. The stock is down nearly 41 percent so far in 2022. Likewise, this stock has fallen 24 percent in a year.
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Tags: Business News, Rakesh Jhunjhunwala, capital market, Stock tips
First Published: August 02, 2022, 12:41 IST