The share of Nazara Technologies closed at Rs 1044 with a gain of 4.32 per cent today.
Nazara Technologies: The shares of Nazara Technologies, a gaming and sports media company invested by Rakesh Jhunjhunwala, have seen a jump of 4.32 percent today. On Thursday, this stock closed on NSE at a price of Rs 1044. At the same time, in the intraday, this stock had reached a price of Rs 1058 at one time. The stock had risen to a lifetime high of Rs 3,356 in October last year, however, the Jhunjhunwala stock has lost over 68 per cent since then. The company’s shares have seen a decline of more than 57 percent so far this year.
However, domestic research and brokerage firm JM Financial Services is bullish on the stock. The brokerage firm has started coverage on Nazara Technologies and the firm believes that the valuation of this stock is ‘rich’.
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Brokerage firm opinion
JM Financial has given a hold on the stock. eSports is the largest (49% revenue share in FY22) and fastest growing segment of Nazara. Nazara’s eSports subsidiary of Nazara, Nodwin, has an 80 per cent market share in India. JM Financial says that Nazara’s partnership with global esports platforms, game publishers and brands will further strengthen it in the esports business in India.
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Nazara Tech sets record date for bonus
The board of Nazara Technologies has fixed June 27 as the record date for the bonus issue of shares. The board of the company approved a bonus of one share for each share held by the shareholders. “The company’s board of directors has fixed June 27, 2022 as the record date,” Nazara Tech said in an exchange filing last week.