Rakesh Jhunjhunwala stock: This Big Bull's backed recently listed IT share hits new high; stock up 90% from issue price

This Rakesh Jhunjhunwala backed IT software products company — Nazara Technologies — stock hit a new life high to Rs 2087.35 apiece after rallying for around 9 per cent on the BSE intraday Tuesday. 

The shares have breached its previous high of Rs 2026.9 per share made during listing on March 30, 2021. Moreover, the stock in the last two sessions have jumped almost 17 per cent on the BSE.

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Similarly, the counter has soared near 32 per cent in the last 15 trading sessions, outperforming the benchmark as against almost 4.5 per cent rise in the S&P BSE Sensex during same period. It has spurted over 90 per cent from its issue price of Rs 1101 per share, as amid buying post listing. 

An ace investor Rakesh Jhunjhunwala, who is also termed as the Big Bull of the Indian stock market, held 32,94,310 equity shares, which comprises 10.82 per cent of holding in the company, as per the company’s June 2021 shareholding pattern available on the BSE. 

Rakesh Jhunjhunwala along with his wife Rekha and associates publicly holds around 38 stocks in finance to tech and retail to pharma sectors, and also manages the asset firm Rare Enterprises. 

Nazara Technologies is engaged in providing subscription/ download of games/ other content through consumer base in India and worldwide and digital support services to group companies.

Availability of smartphones and affordable technology, rising disposable income, the industry is in its growth launchpad and gradual penetration to untapped market will fuel the growth and the Industry can make valuable contribution to the economy, the company said in the FY 2020-21 annual report.

The company is looking forward to build on Nazara’s leading market position and growth opportunity in India. To enhance existing offerings and increase monetisation opportunities, pursue strategic investment and acquisition opportunities and further build the existing technology stack to enhance existing platform, the company said.