Rakesh Jhunjhunwala portfolio stock rises 85 percent in 6 months

Big Bull backed Nazara Technologies shares on Wednesday witnessed a sharp upside movement. Recently, Rakesh Jhunjhunwala‘s stock has shot up from Rs 1925.90 to Rs 3042.15 apiece levels — logging around 58 per cent rise in this period.

Livemint reported stock market expert and said that Rakesh Jhunjhunwala backed company has been able to reduce its debt and has become almost a debt-free company. They said that one can take a long position in the counter as Nazara Technologies share price may go up to Rs 4000 in next 12 to 18 months.

Also read: PM Modi meets Rakesh Jhunjhunwala, know the investor’s net worth

Speaking on the fundamentals supporting Nazara Technologies share price to further go upside; Santosh Meena, Head of Research, Swastika Investmart said, “Nazara Technology is a first-of-its-kind company that got listed in India which has rights over IP and assets across grassroots, regional, national, and international e-sports. The online gaming business is expected to grow strongly and it is extremely popular amongst the millennial.”

Meanwhile, Rahul Sharma, the Co-Founder of Equity99 said, “Company has reduced its debt and is almost debt-free. Its PAT has grown at a CAGR 50 per cent over the last 3 years. During FY21 Company’s Debtors days reduced from 100 days to 55 days and also the company reported the highest ever cash equivalent balance of Rs 372 crore, which shows great liquidity.”

Also read: Trending Stocks: Happiest Minds, Tata Motors, Bajaj and others in news today

On his suggestion to stock market investors in regard to this Rakesh Jhunjhunwala stock; Santosh Meeena of Swastika Investmart said, “The technical chart is looking overstretched for time being and momentum indicators are also indicating an overbought territory that may lead to some profit booking in the counter.

Asking investors to take long position in this Rakesh Jhunjhunwala portfolio stock, Rahul Sharma said, “Considering recent declines after such long run-up since listing, a small correction may arrive therefore we would advice to wait for fresh entry and use the declines near Rs 2400 Rs 2600 levels wisely, only to opt for long term investment with target price of Rs 4000 in 12-18 months time frame.”