The brokerage firm expects Nazara Tech shares to rise 18 percent. The brokerage says that this share can go up to Rs 1080. Shares of Nazara Tech have gained 13 percent in the past one month.
New Delhi. The Indian stock market has grown tremendously this year. The BSEC Sensex has gained 12% in the last six months. Many market experts, including Ramdev Aggarwal of Motilal Oswal Financial Services, say there is no stopping the momentum of the stock market. If you are also looking for an earning stock, you can bet on shares of gaming company, Nazara-Technologies. Brokerage firm ICICI Securities is bullish on the stock. The brokerage has advised investors to invest in this stock and said that this stock can give them a return of up to 18% in the coming time.
Nazara Technologies is a leading diversified gaming and sports media platform with presence in India and emerging and developed global markets such as Africa and North America. Shares of the company closed at Rs 919.05 with an increase of 0.95 per cent on the BSE in the last trading session last Friday. The stock has a 52-week high of Rs.989.55 and a 52-week low of Rs.590.85. Shares of Nazara Technologies have gained 13% in the past one month. The stock has returned 7 percent over the past 6 months. In the last one year, its investors have got a return of 27%.
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A share can go up to Rs 1080.
Brokerage firm ICICI Securities expects Nazra Tech shares to rise. In its research report dated July 5, 2024 the brokerage has given the stock a ‘Buy’ rating. The brokerage says that this share may go up to Rs 1080 in the coming time. Accordingly, the shares of the company can see a rise of about 18%.
“On July 3, 2024, we hosted Nodwin’s management for a discussion with investors. Nodwin increased its stake in Freex4U Gaming from 13.51% to 57%,” the brokerage said in its report. Ultimately intend to acquire 100 percent of the company through a share swap deal.”
How were Nazara Tech’s quarterly results?
Nazara Technologies posted a net profit of Rs 0.18 crore in Q4FY24, significantly lower than Rs 9.4 crore in the same quarter last year. This is on account of a loss of Rs 16.87 crore due to work stoppage during the main quarter. Net profit from continuing operations in the quarter stood at Rs 17.1 crore, up 43.6% from the profit of Rs 11.9 crore in the quarter of FY23-23. The company’s revenue during the fourth quarter stood at Rs 266.2 crore, down 8% from Rs 289.3 crore in the same quarter last year.
(Disclaimer: The stock mentioned here is based on the advice of the brokerage houses. If you want to invest in any of them, consult a certified investment advisor first. News 18 of any profit or loss you make. will not be responsible).
Tags: business news, Stock market, Stock tips
First Publication: 8 Jul 2024, 07:45 IST
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