Zerodha Founder Nikhil Kamath could Buy 3.5% stake in Nazara Technologies; Share Price Jumps
Nazara Technologies could catch investor attention after reports emerged that Zerodha founder Nikhil Kamath could buy stake in the company. Nazara Technologies is a pioneer in Indian mobile gaming and sports media. The stock touched intraday high of Rs 802 but later declined.
If Nikhil Kamath picks up 3.5 percent stake in Nazara Technologies, this could lead to rerating of the stock. Many high net worth investors have a positive impact on stock’s valuation in medium term as small investors start buying the stock with hope that it would outperform. Kamath has a strong investor following and he has a good track record of investing in good companies.
Nazara Technologies was one of the favorite stocks of ace investor Rakesh Jhunjhunwala. His wife Rekha Jhunjhunwala still holds stake in the company.
Kamath will buy stake in the company in his personal capacity. He has already invested in the counter and is planning to invest more money, as per reports.
Nazara Technologies hasn’t commented on the news but the board is meeting on September 4 and this issue could be discussed. Indian gaming segment has a strong potential for growth and Nazara Technologies has a strong position in the market.
Nazara Technologies is currently hovering around 52-week high of Rs 814. The stock has witnessed strong rally in the recent months and can offer good returns to medium and long term investors.