Rakesh Jhunjhunwala-backed Nazara could be a high return stock, here’s why

New Delhi: Millions of new investors have started investing in stocks listed on Indian bourses amid the COVID-19 pandemic, courtesy of tech-first stockbroking platforms which has made share investments as simple as ordering food. Tech firms are making our lives simpler, easier and more fun, and that’s why it’s a no brainer that investment in tech-based firms could yield fantastic returns. One such stock making the buzz in the stock exchange is Nazara Technologies, an online gaming firm that has grown manifold in the past few years. 

Nazara Technologies operates popular mobile gaming titles such as World Cricket Championship (WCC), CarromClash, and World Table Tennis Championship, among other several games for children. The firm also owns stakes in startups such as Nodwin, Sportskeeda, Halaplay and Qunami. 

Rakesh Jhunjhunwala portfolio stock 

Rakesh Jhunjhunwala had invested in Nazara Technologies way before the firm was listed on Indian public exchanges in early 2021. The gaming company was founded in 1999, and has strong fundamentals to put your money on. 

Nazara Technologies gets ‘Buy’ tag 

Most of the brokerage houses and analysts are giving a ‘buy’ tag to Nazara Technologies due to the online gaming boom amid the COVID-19 pandemic. For instance, Dolat Capital has given a buy rating to Nazara Technologies with a target price of Rs 2,400. Meanwhile, Spark Capital has set a price target of Rs 2,230. 

Shares of Nazara Technologies have jumped 49 per cent to Rs 1,660 from its issue price of Rs 1,101. Analysts are now expecting a 50% increase in the stock. Also Read: Amazon launches IP Accelerator programme in India to help businesses secure trademark

Gaming industry boom 

The online gaming industry is expected to grow rapidly in the coming years. Industry reports predict that the sector could grow anywhere between 25% to 40% in the next two to three years. With the popularity of online gaming expected to increase rapidly in the coming years, Nazara Technologies holds a promising future. Also Read: Britney Spears reportedly called 911 one night before conservatorship testimony