This Online Gaming Stock Advanced 5% After Acquisition Approval on Monday

  • Investing.com
  • Stock Market News
This Online Gaming Stock Advanced 5% After Acquisition Approval on Monday

By Malvika Gurung

Investing.com -- Shares of the country’s major online gaming companies Nazara Technologies Ltd (NS: NAZA ) advanced 5% to trade at Rs 2,452.2 apiece at 1:18 pm on Monday’s session.

The domestic mobile entertainment platform’s stock price rose after the board of directors of its material subsidiary NODWIN Gaming approved the acquisition of an equity stake of 10.26% of Rusk Media Pvt Ltd, on a fully diluted basis.

Rusk Media is a domestic Gen-Z digital content IP network, tailored especially for audiences in the age bracket of 15-25 years. According to the press release, the investment of NODWIN Gaming in Rusk Media will augment the ‘massification of entertainment-first gaming and esports content’ in the country.

Furthermore, the material arm of Nazara Tech has approved to acquire a 10.26% stake in Rusk Media for a total consideration of less than Rs 10 crore payable in cash.

For the quarter ended September 2021, the company’s consolidated net profit increased 9.8% to Rs 14.50 crore, with a surge of 17.8% in net sales to Rs 129.60 crore on a YoY basis.

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search

Related Articles