Nazara Tech's Acquisition in Ad Tech Company, boAt-Dixon Technologies form JV, and Buzzing Stocks Today

Wed, 19 Jan Pre-Open

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Indian share markets ended on a weak note yesterday.

Benchmark indices witnessed heavy selling in the fag-end of the session as weak global cues gave ammunition to the bears on Dalal Street.

The 10-year US Treasury yield jumped to its highest point in two years, topping 1.83%.

At the closing bell yesterday, the BSE Sensex stood lower by 554 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 195 points (down 1.1%).

Axis Bank and ICICI Bank were among the top gainers.

Maruti Suzuki and Tata Consumer Products, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 2.2% and 1.9%, respectively.

Sectoral indices ended on a negative note with stocks in the realty sector, telecom sector and auto sector witnessing most of the selling pressure.

Banking stocks, on the other hand, witnessed buying interest.

Shares of Adani Green Energy and Prestige Estates hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 47,864 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Nazara Technologies.

Gaming and sports media company Nazara Technologies said it will acquire a 55% stake in programmatic advertising and monetisation company Datawrkz for about Rs 1.2 bn.

The transaction values the Bengaluru-based company at Rs 2.3 bn (approximately US$ 30 m), linked to calendar year 2022 earnings before interest, taxes, depreciation, and amortization (EBITDA) performance.

The board has approved the strategic investment by the acquisition of 37,498 equity shares - representing 55% of the equity share capital, on a fully diluted basis -- of Datawrkz Business Solutions along with its wholly-owned subsidiaries at a total consideration not exceeding Rs 1.2 bn in two tranches, it added.

The shares will be bought from existing shareholders Senthil Govindan, Karthigha Dhanabalan, K Arunprabu, Mayank Khirwadkar and Vishal Tukaranm Garale.

In the first tranche, Nazara will acquire a 33% share for Rs 600 m during the first quarter of the financial year 2022-23 and it reserves an option to acquire an additional 22% share in the second tranche that is expected to close in the fourth quarter of the same year, the filing added.

In a statement, Nazara said of the Rs 600 m payable, Rs 350 m are partly payable in cash and the balance consideration of Rs 250 crore will be paid either in cash or swap of shares in the first tranche by April 2022.

Datawrkz tech offerings will enhance the in-house capabilities of Nazara for optimising its customer acquisition spends as well as enhance yields on ad monetisation of its large consumer base. This ad revenue monetisation is expected to assist many of the companies in the 'Friends of Nazara' network.

With this transaction, Datawrkz also aims to establish itself as a key player in gaming, covering both demand and supply side offerings for the gaming ecosystem in the US and India.

Inox Wind share price will also be in focus today.

Inox Wind on Tuesday said a panel of its board has approved its participation in the proposed initial public offer (IPO) of Inox Green Energy Services (IGESL) through an offer for sale (OFS) of equity shares worth Rs 4 bn.

On 6 December 2021, IGESL board approved fund raising through an IPO comprising fresh issue of equity shares aggregating up to Rs 5 bn (fresh issue) and/ or an OFS of equity shares by certain existing and eligible shareholders of the company (together with the fresh issue, offer).

'The IWL Committee of the board of directors for operations of the company in their meeting held yesterday i.e., 18 January 2022 have accorded its approval to participate in the proposed offer through an offer for sale of equity shares aggregating up to an amount of Rs 4 bn,' a BSE filing stated.

The company, as an existing eligible shareholder of IGESL, had to consider and finalise its participation in the proposed offer.

Dixon Technologies Enters into Joint Venture with Makers of boAt

Home grown contract manufacturer Dixon has entered into an equal joint venture (JV) with the makers of Boat brand of electronics, Imagine Marketing, to undertake design and manufacturing of wireless audio solutions in India. The partners will also co-invest in the evolving Indian mobile accessory market as part of the make in India initiative.

The joint venture will invest Rs 400 m over the next four years while expecting a production value of almost Rs 10 bn by then, said Dixon chief financial officer Saurabh Gupta.

The company will also apply for the production linked incentive (PLI) scheme for the categories as and when the government announces it, he said.

Vivek Gambhir, CEO at boAt, said if both the JV partners agree, the entity can manufacture for other brands as well.

He added,

• The anchor customer will be Boat. Also, while it will initially manufacture wireless audio products, other products can be added in phases.

Dixon has been manufacturing wearables for Boat since the previous fiscal year.

Dixon Tech said, through their partnership, the company aims to provide Boat with a faster ability to scale up manufacturing in India with their low-cost structure.

Moreover, they strive to develop innovative products with boAt for not only the discerning Indian consumers but also for global markets.

Boat in the financial year 2021 crossed Rs 15 bn sales and has been doubling the business every year for the last four years.

Tata Power Renewable Energy Commissions Two Solar Power Projects in UP

Tata Power Renewable Energy (TPREL), a 100% subsidiary of Tata Power announced commissioning of two Solar Power projects of 50 MW each at Prayagraj, and Banda in Uttar Pradesh.

The landmark projects have been completed by TPREL within the agreed timelines in spite of Covid challenges.

With the addition of this 100 MW capacity, the renewable capacity in operation for Tata Power has increased to 3,055 MW, with 2,123 MW of solar and 932 MW of wind.

The company has another 1,854 MW of renewable projects under various stages of implementation.

Note that the company aims to increase the share of green energy in its power generation portfolio to 80% by fiscal 2030, up from the current level of 31%.

In August, the company quoted the lowest tariff of Rs 2.14/unit in the auction conducted by state-run Rewa Ultra Mega Solar for building 330 MW solar capacity in Madhya Pradesh. It has also received a letter of intent to build 250 MW of solar capacities at the Dondaicha solar park in Maharashtra's Dhule district.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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