We are discussing Nazara Technologies Shares Increased by 16.8% to Rs 814:
A sports media and gaming startup, Nazara Technologies, saw its share price increase by 16.8%, reaching Rs 814. The startup previously announced buying a 28.12% stake in Nextwave Multimedia. The company focuses on developing multiplayer and casual sports mobile games. Nazara Shares opened at Rs 714.15 and traded at Rs 804.
The increase in shares is due to its subsidiary Absolute Sports, which acquired all Pennsylvania-based entertainment news site assets for Rs 11.6 crore. After this acquisition, the company aims to become the leading sports and entertainment focus brand in the US market. Founded in 2009, Absolute Sports is a global sports media platform that covers esports and sports topics. The platform claims to have more than 100 million reaches monthly. The company was acquired by Nazara Technologies in 2019 as a plan to expand globally.
The startup faced a total profit drop, but the net profit increased by 43.6 percent to Rs 17 crore for the final quarter of FY24. As a part of a new operating model, the startup planned to increase its stake in the Mobile Gaming industry. The company’s net profit declined 98% to ERs 18 lakh in Q4 FY24 from Rs 9.4 crore in FY23. However, the full-year revenue grew by 4.3% to Rs 1,138 crore. Profit After Tax from continued operations increased to Rs 89 crore. Nitish Mittersain, CEO of Nazara Technologies, mentioned that the company focuses on a strong foundation for rapid scaling up.
The board at Nazara Technologies approved investments of $2 million and $250,000 in gaming-focused startups over the next three years. The company currently operates in three sectors: gaming, advertising, and esports. In the fourth quarter of FY24, the startup’s operating revenue decreased by 8% year over year to Rs 266 crore, while operating profit increased to Rs 17.1 Crore.
Conclusion
A sports media and gaming startup, Nazara Technologies reported a 16.8% increase in its shares to Rs 814. The startup also announced that it would buy a 28.12% stake in Nextwave Multimedia. The company focuses on developing multiplayer and casual sports genre mobile games. Nazara Shares opened at Rs 714.15 and trading at Rs 804. The company focuses on developing mobile games for the sports genre and expanding the market. The startup previously bought its majority stake and increased it to 41.88% in May 2023, and has recently bought the remaining 28.12%stake for Rs 21.63 crore in two tranches.
The increase in shares is due to its subsidiary Absolute Sports, which acquired all Pennsylvania-based entertainment news site assets for Rs 11.6 crore. After this acquisition, the company aims to become the leading sports and entertainment focus brand in the US market. The company focuses on developing multiplayer and casual sports genre mobile games. Nazara Shares opened at Rs 714.15 and trading at Rs 804. As a part of a new operating model, the startup planned to increase its stake in the Mobile Gaming industry.
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