This Rakesh Jhunjhunwala-backed gaming company stock hits upper circuit of 5% - know reasons here

This Rakesh Jhunjhunwala-backed gaming company stock has hit an upper circuit of 5 per cent to hit the day’s low level to Rs 2446.3 per share on the BSE intraday on Monday, as the company’s subsidiary NODWIN gaming picks up a 10 per cent stake in digital content IP network – Rusk Media. 

Ace investor Rakesh Jhunjhunwala, who is also termed as the Big Bull of the Indian stock market, holds a 10.8 per cent stake in the gaming company, as per the September holding pattern on the BSE. 

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The celebrity investor holds as many as 3,294,310 shares in Nazara Tech worth Rs 777.5 crore as of December 13, 2021, according to a stock market analysis platform Trendlyne.  

Earlier in October, the gaming company had picked up nearly 3 per cent stakes in Rusk Media, taking holding over 5 per cent, with the recent statement, the company now holds 10 per cent of total stakes in the digital media company. 

According to the company’s filing, NODWIN Gaming has been on an expansion and consolidation spree to augment its dominance in the Indian esports ecosystem since its funding in March this year.  

Recently, NODWIN Gaming acquired the gaming and adjacent IP businesses of OML Entertainment, including the IP of the very popular BACARDI NH7 Weekender music festival, the statement said. 

NODWIN Gaming aims to deepen and widen its portfolio of content IPs in the gaming and esports ecosystem by investing in Rusk Media continuing its ‘youth first’ philosophy, it also pointed out. 

NODWIN Gaming is part of Nazara Technologies, the leading India-based diversified gaming and sports media platform with presence in India and across emerging and developed global markets, offerings across interactive gaming, eSports, and gamified early learning. 

The shares of Nazara Technologies have gained over 55 per cent since its listing on March 31, 2021. The counter is trading over 4 per cent higher to 2427 per share on the BSE, as compared to a 0.81 per cent fall in the BSE Sensex at around 02:25 pm on Monday.