Rakesh Jhunjhunwala Portfolio Shares of Big Bull-backed Nazra Technologies have given a sharp jump in the recent trading sessions. This stock of Rakesh Jhunjhunwala has increased in the last one month. ₹since 1925.90 ₹3042.15 each level – an increase of about 58 percent in this period. However, stock market experts are seeing more gains in the counter.
According to stock market experts, the Rakesh Jhunjhunwala-backed company has been successful in reducing its debt and has become a nearly debt-free company. He added that one can take a long position in the counter as the share price of Nazara Technologies could go up ₹4000 in the next 12 to 18 months.
Speaking on the fundamentals that support the Nazara Technologies share price move higher; Santosh Meena, Head of Research, Swastik Investmart said, “Nazara Technology is the first of its kind listed company in India, having IP and asset rights in grassroots, regional, national and international e-sports online gaming business. is expected to grow strongly and is extremely popular among millennials.The company adopts the strategy of acquiring good business and merging them with their company and giving a seat to the management of the target company on the board.This strategy has made the company grow at a significant pace.The company’s focus on inorganic growth and favorable macro-economic and demographic drivers will take the company to new heights with the availability of affordable smartphones, high-speed internet and reduced data prices. “
echoing with the thoughts of Santoh Meena; Rahul Sharma, Co-Founder, Equity99 said, “The company has reduced its debt and is virtually debt free. Its PAT has grown at a CAGR of 50 per cent in the last 3 years. The company’s debtors during FY21 are 100 days. days to 55 days and the company also reported highest cash equivalent balance ₹372 crore, which shows great liquidity.”
Rakesh Jhunjhunwala on his suggestion to the stock market investors regarding this share; Santosh Meena, Swastika Investmart said, “Technical charts are looking very bullish for the time being and momentum indicators are also indicating overbought territory which may lead to some profit booking over the counter. ₹from 3250 ₹3300 area could act as an immediate resistance zone while ₹3500 will be the next important hurdle. on the downside, ₹from 2750 ₹2650 will be the first demand zone, while ₹2250 will be the next important support on any correction.”
Asking investors to take long positions in this Rakesh Jhunjhunwala Portfolio stock, Rahul Sharma of Equity99 said, “Given the recent decline after such a long haul since listing, there may be a small correction so we can take fresh entry. Would recommend waiting and using the fall. ₹2400 ₹2600 level wisely, to opt for long term investments with a target price of only ₹4000 in a time frame of 12-18 months.”
Rakesh Jhunjhunwala Holding in Nazra Technologies
As per the shareholding pattern of Nazara Technologies for the April to June 2021 quarter, Rakesh Jhunjhunwala holds 32,94,310 shares of 10.82 per cent stake in the company. The company is yet to announce its July-September 2021 shareholding pattern.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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