The gaming and sports media platform announced that its subsidiary Absolute Sports (Sportskeeda) signed an agreement to acquire a 73.27 percent stake in Pro Football Network LLC (PFN), a source of coverage and analysis of the US National Football League (NFL) and college football, for Rs 16 crore.
Pro Football Network's acquisition marks the beginning of Sportskeeda's journey in creating a comprehensive portfolio of sports media brands, said CEO Ajay Pratap Singh.
The brokerage initiated coverage on Nazara Tech at a target price of Rs 700, implying a 44 percent upside potential driven by strong growth in eSports segment and gradual improvement in Gamified early learning segment.
Nazara Technologies had earlier disclosed that Kiddopia Inc and Mediawrkz Inc held an cumulative cash balance of $7.75 million at the crisis-hit bank that suddenly collapsed late last week.
Nazara Technologies disclosed on March 12 that two of its step down subsidiaries operating in the United States - Kiddopia Inc and Mediawrkz Inc - held an cumulative cash balance of $7.75 million in the Silicon Valley Bank (SVB)
The cash balances held at SVB by the subsidiaries of Nazara Technologies cumulatively account for $7.75 million (approximately Rs 64 crore). SVB is is currently under the receivership of the Federal Deposit Insurance Corporation (FDIC).
Investments in new growth initiatives took a toll on Nodwin’s operating margins
Prabhudas Lilladher is bullish on Nazara Technologies has recommended buy rating on the stock with a target price of Rs 898 in its research report dated January 28, 2023.
The gaming company’s operational performance has been consistent over the past few quarters, but the change in the macro landscape is a challenge
Nazara Technologies' recently appointed COO Sudhir Kamath will also join Sportskeeda's board as a non-executive director.
Prabhudas Lilladher is bullish on Nazara Technologies has recommended buy rating on the stock with a target price of Rs 1012 in its research report dated October 21, 2022.
The recent Tamil Nadu gambling ban will result in a revenue hit, but the impact will be limited, said Nitish Mittersain
Since Absolute Sports is a material subsidiary of Nazara Tech, the acquisition would fall under related party transactions
Nazara founder Nitish Mittersain will be taking over as the chief executive officer from December 1
Net Sales are expected to increase by 75 percent Y-o-Y (up 1.7 percent Q-o-Q) to Rs. 226.8 crore, according to Prabhudas Lilladher.
KEC International jumped more than 9 percent to Rs 443.3, forming large bullish candle on the daily charts with strong volumes after a month long consolidation. It has seen a gap up opening on Monday and intraday climbed above the high of previous big red candle seen on August 5.
Google’s one-year pilot for fantasy sports and rummy apps boosts Nazara’s share price
Radico Khaitan was also in focus, rising 4.5 percent to Rs 1,066.6 and forming bullish candle on the daily charts with double the average volumes. The candle has also seen a breakout of long downward sloping resistance trendline adjoining January 1 and August 25 this year.
Prabhudas Lilladher is bullish on Nazara Technologies has recommended buy rating on the stock with a target price of Rs 1031 in its research report dated September 01, 2022.
The company in a release said it has acquired US children’s interactive entertainment company WildWorks. Nazara will acquire 100 percent of the company and its IP from existing shareholders in an all-cash transaction.
WildWorks is a game development studio focused on gamified early learning for 8-12-year-olds.