In a BSE Japan-China trade on Friday, Nazara Technologies shares rose more than 12% to Rs 1,463.75 after a brokerage firm called for the game to sell. Shares are trading near the 52-week low, reaching Rs 1412.5 per share on April 12, 2021.
CLSA, a foreign brokerage firm, maintains a stance of selling shares at a target price of Rs 1,095 per share against the backdrop of a high premium valuation. Stocks hit a high of Rs 2,026.90 on the stock market debut date of March 30, 2021.
In its report, CLSA said: “In India’s mobile games, esports is a niche with 10% of $ 1.2 billion in sector revenue in 20 years. India’s eSports leader NazaraTech is targeting the intellectual property (IP) of the tournament. However, competition will intensify, especially in Jio Games, Dream 11, MPL and Paytm First Games. ”
Nazara of eSports has led partnerships such as ESL and Nodwin / Krafton and PUBG mobile tours with sponsors such as Airtel. However, sector competition will intensify.
Nazara Technologies, backed by renowned investor Rakesh Junjunwara, was listed on March 30 at Rs 1,990, 81% above the issue price of Rs 1,101 on the Indian National Stock Exchange (NSE). Made a great debut as a stock. , According to the data available on the exchange.
After Delta Corp., this is the second such gaming company listed on the exchange. After listing, Nazara rose 84% to 2,026.90. Jhunjhunwala holds a 10.82% stake in Nazara Technologies as of March 31, 2021, as shown by shareholding pattern data.
The company mainly makes money from the subscription fees paid by users to access gamed early learning content and from the esports business.
At around 12:15 pm, Nazara Technologies was trading at Rs 1,529.20 on the BSE, down more than 8%, while it was down 0.84% on the S & P BSE Sensex. Trading volume at the counter has more than doubled, bringing a total of 750,000 shares to NSE and BSE.
Rakesh Jhunjhunwala Portfolio Share: This Big Bull game stock has been put into a 12% tank as the brokerage firm maintains a sell valuation.
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