Wednesday saw a 12.95 percent increase in Delta Corp Ltd. shares, which culminated in an intraday high of Rs 259.95. In the end, the stock finished at Rs 151.75, 11.05 percent higher. A media story claiming that online gaming companies may receive a break as the Center is likely to relax its stance on the goods and services tax (GST) demand notifications was the source of today's strong increase in the share price.
In October of last year, the government levied a 28% tax on the money that online gaming companies take from their patrons for each wager. It had justified the action by bringing up addiction-related issues.
Revenue Secretary Sanjay Malhotra told news agency Reuters that the government will receive approximately Rs 7,500 crore from taxes in the fiscal year ending on March 31, up from Rs 1,600 crore the year before. According to him, the tax brought in Rs 3,500 crore during the October–December quarter.
Malhotra stated, "We are expecting an average monthly collection of Rs 1.80 lakh crore to Rs 1.85 lakh crore from next fiscal year." The Center's total monthly GST collections have averaged Rs 1.7 lakh crore.
Technically speaking, Delta Corp's counter traded below the 150-day and 200-day simple moving averages (SMAs) but above the 5-day, 10-, 20-, 30-, 50-, and 100-day SMAs. The relative strength index (RSI) for the stock after 14 days was 61.13. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70.
The price-to-book (P/B) ratio of the company's stock is 1.60, while the price-to-earnings (P/E) ratio is 17.78. Approximately 24.40 lakh shares were traded on the BSE today, well beyond the 3.30 lakh share average for the previous two weeks. With Rs 35.82 crore in turnover, the counter had a Rs 4,063.43 crore market capitalization (m-cap). Delta Corp is in the business of running casinos. Real estate, gaming, hotel, and other industries are among its segments. It uses the DELTIN name to run its gaming and lodging operations. The Deltin Royale, Deltin JAQK, and Deltin Caravela casinos in Goa are owned by the firm.
