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Thursday, September 29, 2022

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Rakesh Jhunjhunwala-Backed Nazara Technologies Shares Jump 18% On Q1 Profit Growth

The multi-pronged approach to capture opportunities have been yielding positive traction and the company is in line with target growth plans for FY23, Nazara’s Chief Executive Officer Manish Agarwal said.

“On the operating margin front, we have made investments in business segments that will provide us with robust growth opportunities in the years to come,” he said in an earnings statement released Friday. “The company will continue to look for growth opportunities both organically and inorganically. In particular, we are looking to augment presence in freemium segment, especially in developed markets.”

Shares of Nazara jumped as much as 18%, the most since June 24, to Rs 625.5 apiece as of 10:20 am on Monday. Of the 10 analysts tracking the company, six maintain a ‘buy’ and two each suggest a ‘hold’ and a ‘sell’, according to Bloomberg data.

The 12-month consensus price target implies an upside of 31.3%.

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