Rakesh supports Jhunjhunwala Nazara after Tamil Nadu passed an ordinance banning internet gaming Tech dives

News Summary:

  • Following the governor’s approval, the ordinance will go into force.
    According to reports, the MK Stalin-led Tamil Nadu cabinet said that adults and teenagers lost all of their money in these online betting games.

  • After the Tamil Nadu cabinet approved an act banning online gaming involving stakes in the state, Rakesh Jhunjhunwala-backed Nazara Technologies fell 3.10% to Rs 658.95.

A varied gaming and sports media platform, Nazara Technologies is present in India as well as in growing and developed international markets, including Africa and North America.

Nazara Tech’s net profit increased by 22.2% to Rs 16.50 crore on a consolidated basis on a 70% increase in net sales of 223.10 crores in Q1 FY23 over Q1 FY22.

It has products in interactive gaming, eSports, ad-tech, and gamified early learning ecosystems. Examples include World Cricket Championship (WCC), CarromClash, Godwin, PublishMe, and Sportskeeda in the mobile game category, Kiddopia in the gamified early learning category, OpenPlay, Halaplay, and Qunami in the skill-based, fantasy, and trivia game category, and Datawrkz in the digital ad-tech category.

In three straight sessions, the stock has lost 12.79% of its value.