Delta Corp shares see a sudden rally of 8%, here's why 

Delta Corp share price today: Shares of Delta Corp Ltd saw a sudden rally in the afternoon session on Wednesday after Chief Economic Advisor (CEA) V Anantha Nageswaran said regulators should not stand in the way of innovation, whether it be in cryptocurrencies or in online gaming. In a sentiment boost, Delta Corp shares rose 8% intra day to Rs 131.40 against the previous close of Rs 121.65 on BSE. Earlier, the stock opened lower at Rs 121.35. Market cap of the gaming and entertainment firm climbed to Rs 3420.78 crore on BSE.

Total 2.23 lakh shares of the firm changed hands amounting to a turnover of Rs 2.85 crore. Later, the stock of the gaming and casino firm ended 5.01% higher at Rs 127.75 on BSE.

The stock has lost 6.68% in a year and fallen 15.62 per cent since the beginning of this year.

Nageswaran emphasised the importance of defining clear criteria for regulators to avoid stifling innovation while ensuring that economic activities align with societal goals. The CEA was speaking at the 2024 Global Economic Policy Forum, organised by the Ministry of Finance and Confederation of Indian Industry (CII).

Delta Corp earns a majority of revenue from gaming operations. In the September quarter, Delta Corp's revenue from gaming operations fell to Rs 177.23 crore from Rs 230.38 crore in the corresponding quarter of the last fiscal.

In terms of technicals, the relative strength index (RSI) of Delta Corp stock stands at 57.4, signaling the stock is trading neither in the overbought nor in the oversold zone. Delta Corp shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

In the second quarter of the current fiscal, Delta Corp reported a 61 percent fall in consolidated net profit. Profit slipped to Rs 27 crore in the last quarter against a net profit of Rs 27 crore in the year-ago period.
At the operating level, EBITDA crashed 66.1% YoY to Rs 33.9 crore in the second quarter of this fiscal against Rs 100.1 crore in the prior-year period.

EBITDA margin shrinked to 18% in the reporting quarter against 38.3% in the corresponding period of the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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.