WINZO GAMES OPERATING PROFIT
Fitch cuts outlook for Tata Steel, union optimistic on jobs in UK
Fitch cut Tata Steel's outlook to negative citing UK operations uncertainty. A delayed 500 million pound grant may cause 2,800 job losses. Tata Steel's net debt is Rs 77,550 crore amid UK losses of 364 million pounds and business-restructuring costs. Unite and Business Secretary Jonathan Reynolds show optimism about new Labour government’s supportive investments.
Delta Corp shares fall 5% after Q1 profit decline 34% YoY
Delta Corp Q1 FY24 profit fell 34% to Rs 40.48 crore; gaming revenue decreased 16% YoY to Rs 130 crore and hospitality to Rs 12 crore.
Delta Corp Q1 Results: Profit falls 34% YoY to Rs 40.48 crore
Delta Corp Q1 Results: Revenue from operations in the reporting period dropped 16% year-on-year to Rs 143 crore. Segment-wise, revenue from the gaming operations declined 16% year-on-year to Rs 130 crore for the quarter ended June. Meanwhile, hospitality revenues, too, were down to Rs 12 crore from Rs 14.91 crore in the last year period.
Amazon Pay India top up; GST summons for egaming firms
Amazon has pumped Rs 600 crore in its local fintech unit Amazon Pay India. This and more today’s ETtech Top 5.
Nazara Tech inks deal to publish nCore’s FAU-G Domination mobile shooter game
FAU-G, which will be published through Nazara’s publishing arm, had initially seen 50 million downloads but could not stand up to competition from BattleGrounds Mobile India and FreeFire range of games.
Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
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Kinara Capital's resilient model gives it 51% profit rise despite distress in fintech sector
The fintech company has been profitable even when the customer segment was disproportionately impacted, says Hardika Shah, Founder & CEO of Kinara Capital. She says this has happened on the back of a balanced business model and strategic planning.
GameStop shares tumble after CEO says store network will shrink
GameStop shares fell 11.6% after CEO Ryan Cohen hinted at operating fewer stores without detailing cash plans. Cohen aims for a more profitable business with a smaller network and value-added items.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
S&P 500, Nasdaq close slightly down ahead of US payrolls data
The S&P 500 and Nasdaq composite dipped from record highs ahead of key labor market data. Nvidia fell, while utilities and industrials dragged the S&P 500 lower. Investors await the U.S. nonfarm payrolls report, which may influence Federal Reserve decisions.
Wall Street drifts to mixed finish after the latest signal of a slowing economy
U.S. stocks mixed as economy slows. S&P 500 up 0.1%. Dow down 0.3%. Nasdaq up 0.6%. Manufacturing shrinks, affecting Treasury yields. Companies struggle with high interest rates. Tech stocks soar. GameStop rises. AMC climbs. Waste Management to buy Stericycle. Bond market sees yield fluctuations. Investors watch economic reports.
Govt eyes time, spend curbs to tackle gaming addiction
The government is leaning towards imposing time limits as opposed to certifying games as permissible or non-permissible through self-regulatory organisations (SRO), an official at the IT ministry said.
Stock gaming apps under Sebi scanner; ETtech Done Deals
The capital markets regulator is cracking down on illicit gaming apps that offer virtual trading services and fantasy games. This and more in today’s ETtech Top 5.
Nazara Tech promoter sells over 6% stake in block deal
Mitter Infotech LLP sells 6.38% stake in Nazara Technologies to Plutus Wealth Management, providing liquidity for promoters while retaining control. Nazara reports 43% increase in quarterly profit after tax.
Nazara Technologies reports 43% increase in profit after tax at Rs 17 crore in Q4
Nazara Technologies reported a 43% increase in profit after tax to Rs 17 crore for Q4 FY24. Operating revenue for March fell 8% to Rs 266 crore. FY24 PAT from operations grew to Rs 89 crore. Founder Nitish Mittersain is optimistic about accelerated growth in revenue and EBITDA in FY25.
Nvidia's profit soars, underscoring its dominance in chips for artificial intelligence
Nvidia's profit soared, driven by AI dominance and CEO Jensen Huang's vision of 'AI factories' creating artificial intelligence. The company reported a sevenfold increase in net income and a 10-for-1 stock split, with shares rising 6% in after-hours trading.
ONDC getting traction; five lakh sellers onboarded so far: DPIIT Secy
The government-backed initiative ONDC in the e-commerce sector onboarded five lakh sellers, primarily small and medium sellers. Secretary Rajesh Kumar Singh from DPIIT mentioned facilitating 7.22 million transactions in April. The initiative aims to address market concentration issues and foster startup collaboration with over 125 ecosystem stakeholders.
Japan's Nikkei edges higher on earnings, Wall Street gains
The Nikkei closed 0.41% higher at 38,229.11 after rising more than 1% early in trading.
China's EV survival game creates peril -- and power
China's electric vehicle market is experiencing fierce competition as new models flood the market, leading to price reductions. Innovative approaches by companies like Hesai and Launch Design are reshaping the industry dynamics and accelerating EV development.
Startups shuffle top deck, play to ace long-term profitability game
At Third Wave Coffee, founder Sushant Goel transitioned to a board role after former KFC India head Rajat Luthra was roped in as chief executive, effective April 1. "The journey of starting up and getting the company at a certain scale is very different from taking it to the next level," said a venture investor with a global firm. "These changes are ultimately healthy in the sense that these startups are reaching a particular level."
Winzo Games records Rs 120 crore operating profit in FY23
Winzo Games, a homegrown social-gaming startup, anticipates significant variations due to the impact of increase in GST which is expected to influence its financial performance.
Online gaming continues to grow, but GST change to “moderate” monetisation: report
According to a report from real money gaming (RMG) firm Winzo and non-profit firm Interactive Entertainment and Innovation Council, India currently has about 560 million gamers, of whom 144 million paid for games in 2023
Apple escalates Epic Games feud by blocking Fortnite app in EU
The two companies have been in a legal battle since 2020, when the gaming firm alleged that Apple's practice of charging up to 30% commissions on in-app payments on its iPhone Operating System (iOS) devices violated U.S. antitrust rules.
Dream11 posts higher profit, revenue; auditor flags risk from GST demand
Dream11's auditor SR Batliboi & Co, an affiliate of EY, said the notices issued to the company by GST authorities seeking more than Rs 28,000 crore in past tax dues “may cast significant doubt on the group’s ability to continue as a going concern”.
Winzo launches Bharat Tech Triumph to facilitate export of Made in India games
The company said this program focuses on nurturing homegrown startups by providing crucial resources for growth such as offering a global platform and access to FDI.
Delhi High Court enforces restriction on unauthorized use of WinZO trademarks
In a recent ruling, the Delhi High Court has imposed a comprehensive ban on both identified and anonymous future unauthorized use of WinZO trademarks across various platforms. The court has issued specific directives compelling Domain Name Registrars (DNRs) to disclose registrant details, while also instructing Internet Service Providers (ISPs), major online platforms like Meta and Google, and regulatory bodies such as MeitY and DOT to block access to infringing websites.
Delta Corp says Rs 23,200 crore-GST demand arbitrary
Delta Corp, an online gaming and casino firm, contested a GST demand of over Rs 23,200 crore, deeming it arbitrary and contrary to laws, hence not provisioning for it. Their Q3FY24 reported a 59% decrease in net profit at Rs 34.48 crore, with a reduced income from operations at Rs 181.54 crore. Show cause notices from tax authorities alleging GST short payments led to legal action by Delta Corp and its subsidiaries, securing stay orders from High Courts.
Online gaming platform Zupee’s FY23 operating revenue more than doubles to Rs 831.5 crore
The Matrix Partners-backed company’s net loss fell 72% on year to Rs 36.5 crore, as its expenses grew significantly slower than its topline, according to the company’s regulatory filings sourced from business intelligence platform Tofler.
MPL-backed Web 3 fantasy platform Striker shuts down operations
The shutdown comes amid several layoffs and closures in the online real money gaming sector, which followed the imposition of a 28% goods and services tax (GST) on the sector.
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