Shares of Delta Corp and Nazara Technologies rose up to 15% on Friday after the Supreme Court put a stay on GST show cause notices amounting to Rs 1.12 lakh crore the two online gaming firms. Delta Corp shares climbed 15.39% to Rs 130.80 against the previous close of Rs 113.35 on BSE. Earlier, the stock opened higher at Rs 114.95. Market cap of the gaming and entertainment firm climbed to Rs 3,159 crore on BSE.
On similar lines, Nazara Technologies shares gained 8.48% to Rs 1075 against the previous close of Rs 990.90. Total 0.44 lakh shares of the firm changed hands amounting to a turnover of Rs 4.35 crore on BSE.
The apex court stayed all further proceedings with respect to all show cause notices until final disposal of case. The apex court will take up the case on March 17 for final hearing.
According to reports, online gaming companies have been sent 71 show-cause notices demanding Goods and Services Tax (GST) worth Rs 1.12 lakh crore in 2022-23 and the first seven months of 2023-24.
Delta Corp is engaged in the operation of casinos. Its segments include real estate, gaming, hospitality and others. The company operates its gaming and hospitality businesses under the DELTIN brand. The company owns three casinos in Goa, including Deltin Royale, Deltin JAQK and Deltin Caravela.
Nazara Technologies is an India-based gaming and sports media platform known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.