On 30 March, the share price of Nazara Technologies was up by 84 % intraday on the listing. Though the share price shot up, it also erased around 22 % gains by noon despite the market conditions being optimistic. According to experts, the position that Rakesh Jhunjhunwala backed Nazara Technologies holds in the mobile gaming market justifies the trading premium the brand witnessed. Nazara had a healthy IPO subscription and Jhunjhunwala holds a 10.82 % stake in this brand.
The experts advise holding the stock if a person is looking at a long-term perspective and they can book profits as the Nazara stock was off to a solid start. The cost of one lot was an investment of INR 14,313 but the value shot-up to INR 26,349 which translated into a profit of INR 12, 036.7. Even during the day’s low of INR 1,590, the profit comes to INR 6,357 per lot.
The share of Nazara Technologies was trading at INR 1,611.35 at 1218 hours, up by 46.35 % after hitting the day’s high of INR 2,026.90 and a low of INR 1,590 on the BSE. It opened at INR 1,971 state news reports. Jyoti Roy, Equity Strategist at Angel Broking reportedly said, “There is a possibility of the company surprisingly growing forward concerning revenue as online gaming has taken off in the country. We will remain positive about the growth prospects of the company and the investors who have been allotted shares can hold on to their investments from a long-term perspective.”
Nazara Technologies is considered to be one of the fast-growing brands in the Indian gaming sector. Nazara owns other gaming properties like World Cricket Championship and CarromClash in mobile games, Nodwin and Sportskeeda in eSports, Kiddopia in early learning, Halaplay and Qunami in skill-based, fantasy, and trivia games.