Delta Corp stock rises 17%, top gainer on BSE; here’s why

Shares of Delta Corp rose 17% in the afternoon session today on likely relief from retrospective taxes. Delta Corp shares rose to Rs 154.95 in the afternoon session today. The stock was the top gainer on BSE. Market cap of the firm rose to Rs 4083 crore. Turnover stood at Rs 31.02 crore with 20.84 lakh shares changing hands on BSE.

According to a report, the Goods and Services Tax (GST) Council, on Saturday, is expected consider a key amendment that can help resolve the issue of retrospective taxation for online gaming companies.

Since October 2023, a flat 28 percent GST has been levied on the full value of bets placed in online games, regardless of whether it involved games of skill or of chance.

The government has issued 70 notices amounting to Rs 112 lakh crore in tax demands to online gaming companies.

The stock of the gaming and casino firm hit its yearly low of Rs 104.30 on June 4, 2024 and a 52 week high of Rs 259.95 on June 28, 2023.

The stock has lost 40.68% in one year and fallen 3% per cent since the beginning of this year. Delta Corp stock has a one-year beta of 0.6, indicating very low volatility during the period. 

In terms of technicals, the relative strength index (RSI) of Delta Corp stands at 67.5, signaling it's trading neither in the oversold nor in the overbought zone. Delta Corp shares are trading higher than the 5 day, 10 day, 20 day, 50 day but lower than the 100 day, 150 day and 200 day moving averages.       

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.