Nazara Technologies has announced that it will invest $ 2.5 million in Bitcraft Fund (BITKRAFT Funds), after which its shares are seeing a rise.
Rakesh Jhunjhunwala Portfolio: Nazara Technologies, a stock in the portfolio of veteran investor Rakesh Jhunjhunwala, rose more than 5 percent to a high of Rs 1,691.80 on Thursday. The company has announced that it will invest $ 2.5 million in Bitcraft Fund (BITKRAFT Funds), after which its shares are seeing this boom. However, despite a gain of 5 per cent, the stock is still down 50 per cent from its previous year’s record high of Rs 3,354.40.
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That’s why there is a rise in the shares
Nazara Technologies, a subsidiary of gaming player Nazara Pte Ltd (Nazara Singapore), has said in a BSE filing that it will invest $8.75 lakh, while the remaining $16.25 lakh will be invested over a period of three years. The Bitcraft Fund is a company investing in gaming, esports and interactive media.
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What is the opinion of experts regarding investment
Nazara Technologies has seen a lot of correction in the past few weeks amid selling pressure in global markets, week investor sentiment and high valuations. Despite this, analysts say, investors have shown interest today after the firm decided to invest in Bitkraft funds.
Likita Chepa, Senior Research Analyst, Capitalvia Global Research, told FinancialExpress.com, “It has shown decent growth in PAT, revenue and has posted strong growth in its e-sports segment in the last quarter. With no listed company competing in this space, this move could be beneficial in the medium term.” Chepa said that technically, the stock is trading near its support level and hence investors can invest in this stock at current levels.
(Article: Surbhi Jain)
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