Nazara Technologies

Brokerage firm ICICI Securities has a 'Buy' rating on the stock with a target price of Rs 700 per share.

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Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step-down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance of Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing. Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB. "From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said. The abrupt failure of SVB last week had left many startups, tech companies, entrepreneurs and VC funds nervous and jittery about their deposits. SVB was deeply entrenched in the tech startup ecosystem and the default bank for many .

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing. Nazara informed that both the companies -- Kiddopia Inc and Mediawrkz Inc -- have been given unrestricted access to the entire amount of USD 7.75 million (Rs 64 crore) that was held at SVB. "From this amount, a sum of USD 7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of USD 0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use," the company said.

Though many of them expect limited near-term impact, lack of SVB-like support system may pinch them later

Nazara Tech, whose two step-down subsidiaries have Rs 64 crore deposits in Silicon Valley Bank, on Monday said the US administration's statements on protecting depositors for the entire amount is a "positive outcome" and gives confidence about the recovery of money. The two subsidiaries have working capital to meet their requirements, including payroll, Nitish Mittersain, Founder and CEO of Nazara Technologies said as he categorically ruled out the possibility of layoffs within the company as a result of the Silicon Valley Bank crisis. In fact, the current environment yields "many opportunities", and Nazara Tech intends to double down on its efforts to look for "good companies to acquire and invest" given the attractive valuations. "The statement by Yellen (Treasury Secretary Janet L. Yellen) saying all depositors will be protected for the entire amount, is a very positive outcome and makes us more confident that we will recover all of this money," Mittersain told PTI. On Friday, t

The balances held at SVB by Kiddopia Inc. and Mediawrkz Inc cumulatively account for $7.75 million.

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According to the technical analyst from Anand Rathi, JM Financial can rally to Rs 78, while Nazara Technologies can gain up to Rs 830.

Gaming and sports media firm Nazara Technologies has acquired US-based WildWorks for USD 10.4 million (about Rs 82 crore) in an all-cash deal, the company said on Tuesday. Nazara Technologies founder and managing director Nitish Mittersain said that the company has acquired WildWorks to strengthen its gaming learning vertical where it has already been running the early learning platform Kiddopia for kids aged between 2-7 years. "This acquisition brings Apple Jam IP of WildWorks which is a gamified learning platform for children in the age of 8-12 years. It is an adjacent segment for our learning vertical. We have acquired WildWorks for USD 10.4 million and we can now help them in scaling up their operations," Mittersain said. He said that WildWorks has a team of 30 people that will continue to operate independently. Nazara acquired Kiddopia around three years ago. "When we acquired Kiddopia it had revenue of around Rs 30 crore. In three years we have scaled it up to Rs 200 crore.

The decision to stay with these stocks, analysts said, should be based purely on how each of these companies is performing fundamentally

Titan and Escorts look promising on the charts, while Star Health and Allied Insurance, Nazara Technologies and Rallis India need to conquer major hurdles for further gains, technical charts suggest.

The mobile gaming company reported over 22 per cent year-on-year (YoY) growth in consolidated net profit to Rs 16.5 crore in April-June quarter (Q1FY23)

A rise in cost of capital has already weighed on the related stocks all across the globe over the past few months

India is a fast-growing high-potential gaming market, but per capita spends still very low

However, in the past six months, the stock has tanked 46 per cent as against an 8 per cent fall in the S&P BSE Sensex.

Digital gaming and sports platform Nazara Technologies on Friday posted an about 17 per cent increase in consolidated profit to Rs 4.9 crore for the quarter ended March 2022.

In the past one month, the market price of Nazara Technologies has tanked 29 per cent, as compared to a 8 per cent decline in the S&P BSE Sensex.

In a Q&A, he dwells on his company's journey the past one year, the gaming market in India and the company's future plans

The announcement comes at the back of its recent partnership with Griffin Gaming Partners, in which Nazara has committed to invest $4 million.