Delta Corp stock rises 17%, top gainer on BSE; here’s why
Shares of Delta Corp surged 17% amid potential relief from retrospective taxes. The stock reached Rs 154.95, leading gains on the BSE.
Shares of Delta Corp surged by 17% this afternoon, likely due to anticipated relief from retrospective taxes. The stock climbed to Rs 154.95, making it the top gainer on the BSE. The company's market capitalization increased to Rs 4083 crore, with a turnover of Rs 31.02 crore as 20.84 lakh shares were traded on the BSE. A report suggests that the Goods and Services Tax (GST) Council is expected to consider a key amendment on Saturday that could address retrospective taxation issues for online gaming companies.
Since October 2023, a flat 28 percent GST has been imposed on the full value of bets placed in online games, irrespective of whether the games are based on skill or chance. The government has issued 70 notices demanding Rs 112 lakh crore in taxes from online gaming companies.
Delta Corp's stock hit a yearly low of Rs 104.30 on June 4, 2024, and a 52-week high of Rs 259.95 on June 28, 2023. Over the past year, the stock has declined by 40.68% and has fallen by 3% since the beginning of this year. With a one-year beta of 0.6, the stock has exhibited very low volatility.
Technically, Delta Corp's relative strength index (RSI) is at 67.5, indicating that it is neither oversold nor overbought. The shares are trading above their 5-day, 10-day, 20-day, and 50-day moving averages, but below their 100-day, 150-day, and 200-day moving averages.
Delta Corp operates in the casino industry, with segments in real estate, gaming, hospitality, and others. Its gaming and hospitality businesses operate under the DELTIN brand, and it owns three casinos in Goa: Deltin Royale, Deltin JAQK, and Deltin Caravela.
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