Is NVIDIA GeForce GT 740M good enough to run the game?

A gt740m is not really good enough, it's quite a demanding game. I recommend getting a laptop with at least a gtx850m.

http://www.notebookcheck.net/NVIDIA-GeForce-GTX-850M.107795.0.html

(scroll down to DAI)

Despite what people think:  Know that a video card is only a portion of determining if a system can run a game.  You still need a decent cpu, memory and of course the bus - heck, even the power supply factors in.  You can put a rocking video card in a rocking system - and it doesn't have sufficient power; it won't run.

GT card are generally very cheap - GTX card on the other hand, are the beefy GPU's

The rest meets the requirements.

Intel(R) Core(TM) i7-4700HQ quad core CPU @ 2,40GHz
8GB RAM

But I know nothing about GPUs. All I can tell is that it has 2 GB memory, and I'm not sure which other specs should I look at?

http://www.notebookcheck.net/NVIDIA-GeForce-GT-740M.89900.0.html

So it is good enough to play on low settings then?

According to the link you would get around 35 fps on low settings@1024x768. Your screen is likely 1920x1080 so it is going to look blurry with the resolution turned down so far.  I still suggest at least looking for gtx850m, they can be found at fairly reasonable prices. Also, the gt740m is last generation and has since been replaced by the gtx840m.