Nazara Technologies squanders some gains after a blockbuster start
One lot of Nazara Technologies was available for subscription at Rs 14,313 and on listing, the value zoomed to Rs 26,349.7, translating into a profit of Rs 12,036.7.
The stocks of Nazara technologies had a bumper listing on the bourses on March 30th as the stocks shot up nearly 84 per cent intraday. However around 22 per cent gains were erased by noon despite the strong and favorable market conditions.
Nazara technologies enjoys a lead position in the mobile gaming space and is also backed by the ace investor Rakesh Jhunjhunwala, who owns a stack of 10.82 per cent stack in the company.
The cost of 1 lot of Nazara during the IPO was Rs. 14313 which shot up to Rs. 26349.7 which translates into a profit of 12036.7. Even if we consider the day’s low of Nazara at 1590, there is a profit of 6357 Rs. per lot.
Nazara technologies is a rapidly growing company and is expected to continue its streak. The company posted a strong growth of 45.9 per cent in its revenue for FY20.
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