This Rakesh Jhunjhunwala stock soars 60% from IPO price in 3 months
Premium- Nazara Technologies share price today is ₹1,742.80 at NSE (Tuesday close price), which is around 60 per cent higher from its issue price of ₹1,101
Rakesh Jhunjhunwala portfolio included Nazara Technologies even when the company was not listed. So, when Nazara Technologies IPO opened for subscription in March 2021, it received huge response from the bidders that helped the public issue list (on 30th march 2021) at around 79 per cent premium against the issue price of ₹1,101. But, it immediately triggered profit-booking that led to Nazara Technologies share price coming down at around ₹1600 mark. Nazara Technologies share price today is ₹1,742.80 at NSE (Tuesday close price), which is still around 60 per cent higher from its issue price of ₹1,101. So, in short, this Rakesh Jhunjhunwwala holding company stock has delivered around 60 per cent return to the investors, who were allotted Nazara Technologies IPO and they are still holding the tech counter for further gains.
According to the Nazara Technologies share price history, in the last three months, the stock has made it all-time high of ₹2,024.90 while its all-time low in this period is ₹1432. According to stock market experts, the stock is showcasing fresh upside potential after some profit-booking. They advised investors to take long-term position following Rakesh Jhunjhunwala tips of 'buy, hold and forget.'
Highlighting the fundamentals that may help rally in Nazara Technologies shares Arijit Malakar, Head of Research at Ashika Stock Broking said, "Nazara Technology is the leading player with presence in India, Africa, and North America. Nazara, the largest player in the industry, has a 3.5 per cent market share. Nazara Technology revenue during FY21 was ₹468.5 crore as compared to ₹262.9 crore in FY20. Higher revenue helped the company post a profit of ₹13.64 crore, compared to a loss of ₹26.78 crore in the previous year. Gaming industry in FY21 has 433 million users with revenue of ₹13,600 crore. The size is expected to increase to 657 million users and a revenue of ₹29,000 crore by FY25, thus will grow at a CAGR of around 21 per cent."
Arijit Malakar of Ashika Stock Broking went on to add that Nazara technology is well placed to cash in the emerging opportunity going ahead. He said that COVID-19 related shutdown was the best time for the gaming industry when the number of users shot up sharply, benefitting the gaming companies to clock healthy revenue growth.
On his suggestion to the stock market investors in regard to Nazara Technologies shares Ravi Singhal, Vice Chairman at GCL Securities said, "One can buy Nazara Technologies shares at ₹1670 for immediate target of ₹2000 to ₹2100 maintaining stop loss at ₹1570." he said that if someone holds the counter for 12-18 months, the counter may go up to ₹3,000 to ₹3,500 per stock mark.
Rakesh Jhunjhunwala holding in Nazara Technologies
As per Nazara Technologies shareholding pattern for March 2021 quarter available with the BSE, Rakesh Jhunjhunwala share holding in the tech company is 10.82 per cent of the net company shares.
MINT PREMIUM
See All
Never miss a story! Stay connected and informed with Mint. Download our App Now!!