This Rakesh Jhunjhunwala-backed gaming firm stock hits new life high for 2nd day in row; stock up 140% from issue price

This Rakesh Jhunjhunwala-backed gaming company — Nazara Technologies — stock touched a new all-time high for the second straight session to Rs 2658 apiece after rallying for around 7 per cent on the BSE intraday on Wednesday. The stock has jumped 15% in the last three sessions on the BSE.

The counter has breached its previous high of Rs 2498 per share made on October 5, 2021, and spurted over 140 per cent from its issue price of Rs 1101 per share, as amid buying post listing.

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Similarly, the counter has soared over 43 per cent in the last one month, outperforming the benchmark as against 3 per cent rise in the S&P BSE Sensex during same period. The scrip closed over 5.5 per cent to Rs 2630.8 per share on the BSE on Wednesday.

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.

Nazara Technologies subsidiary Nodwin Gaming has entered into a pact with PVR to broadcast live e-sports gaming tournaments on big screen on Tuesday. The investors queued to buy both PVR and Nazara stocks on the back of this news yesterday.