Interesting article

https://www.orfonline.org/expert-speak/-market-coupling-in-the-power-sector-is-india-doing-enough

Sharing a gist of it :

• Market coupling would fulfil its objectives only if India were to take the Market-Based Economic Despatch (MBED) route, where the country’s entire generation becomes market-driven. However, when the share of trade through market exchanges is a mere 7 percent of the total generation, market coupling could fall short of discovering a uniform market price.
• Globally, market coupling has been introduced to integrate two or more electricity markets or geographies. The proposed market coupling in India is unlikely to yield any benefit as it would only be a coupling of power exchanges without adding new geographies. Further, the dominance of IEX over almost the entire market share in collective transactions wouldn’t change the price discovery or liquidity and have a negligible social welfare impact.

So we would end up having uniform power pricing for less than 10% of the Electricity traded over the Exchanges while more than 90% of the Electricity generated would be negotiated via their own Long Term PPAs. We would still end up with non-uniform prices.
NOTE: These PPAs are sometimes 25 year long contracts and are still being negotiated/awarded making uniform pricing a pipe dream even in the future.

Seems more like the Government / Power Ministry is merely using the buzzword “Market Coupling” to shine in some International reports without any actual benefits on the ground.

Another example of a stock witnessing buying near channel bottom.

Nazara is pretty much a holding company at this point, as they no longer develop in-house gaming titles. They just keep jumping from one acquisition to another. Most game publishers globally talk about their upcoming releases, but Nazara talks about acquisition targets.

The problem with this M&A playbook is that they have to keep acquiring companies all the time to show growth because casual mobile games have a short shelf life. What is popular today might not be played by even 50% of those users 3 years later. Revenue of the fairly popular Animal Jam has declined from $18.6 million in CY2020 to $11.4 million in FY24.

Can’t really compare Nazara to Tencent. Gaming industry in China is at a whole another level with one mobile game making $2 billion annual sales. Although Mittersain constantly talks up the “future potential” of gaming and esports in India in every podcast and interview, the promoters sold a large chunk of their stake near the 52-week low.

I randomly checked a few casual mobile game companies listed in US, Korea, China and Japan and they all trade at very low earnings multiples and understandably so.

Disc: had invested last year and exited a couple of months ago with small gains. Sum of all parts valuation didn’t really make sense anymore.