Rekha Jhunjhunwala portfolio's stock: This gaming company announced an investment of USD 500,000 in Snax Games Ltd
The stock is up by 30 per cent in 6 months whereas BSE Sensex Index is up by 6.88 per cent.
Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) a diversified gaming and sports media platform announced an investment of USD 500,000 (approx. Rs 4.15 crore) via its wholly owned Singapore subsidiary Nazara PTE Ltd in Israel based game developer Snax Games Ltd.
Nazara Technologies has also entered into a publishing agreement with Snax Games through which it has acquired the exclusive rights to publish the games in the Indian subcontinent and the Middle-East region on a revenue-sharing basis for a period of five years.
Snax Games is a mobile gaming company founded by seasoned industry veterans, snax leadership team is bringing over 20 years of experience in the gaming space with a track record of developing multiple top grossing games and IPs with over USD 1 billion of accumulated revenues and leading gaming giants such as Scopely, Plarium & CrazyLab. Snax is developing a new genre called casual multi-game - their first game, Parties & Puzzles, delivers a new and unique experience that is redefining the puzzle category.
Commenting upon the collaboration, Nitish Mittersain, CEO & Jt. Managing Director of Nazara Technologies, said, “We are happy to back the highly experienced team at Snax Games and bring their high quality and engaging games to our audiences in India and the Middle East."
Adam Gal-Ed, CEO of SNAX Games Ltd, said, “We are excited to partner with India’s only listed gaming company Nazara Technologies to bring our games to millions of users in India and the Middle East. Our first game ‘Parties & Puzzle’ will be made available soon through Nazara’s publishing platform."
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On Wednesday, shares of Nazara Technologies Ltd zoomed 5.29 per cent to Rs 697.05 per share from its previous closing of Rs 662.05. As of June 2023, Rekha R Jhunjhunwala, wife of the Late Rakesh Jhunjhunwala, possesses a 9.96 per cent ownership share in the firm. Furthermore, she is one of the people who hold the largest portion of company shares among public shareholders.
The company has a market cap of over Rs 4,600 crore. The company is almost debt-free and its current debt is Rs 38.2 crore which is 0.84 per cent of its market cap.
The stock is up by 30 per cent in 6 months whereas BSE Sensex Index is up by 6.88 per cent. Investors should keep an eye on this Small-Cap gaming stock.
Disclaimer: The article is for informational purposes only and not investment advice.