Delta Corp Shares: Shares of gaming and hospitality company Delta Corp also saw a strong rise in weak market sentiment. This has happened due to a decision of the Supreme Court in which it has agreed to hear a case. Due to this, shares of Delta Corp shone in the collapsing market and jumped more than 7 percent. Although the prices softened due to profit booking and selling environment, it is still in a very strong position. Currently, it is priced at Rs 114.30 on BSE with an increase of 4.24 percent. In intra-day it jumped 7.11 percent to Rs 117.45.
This is why Delta Corp’s shares became rocket
Shares of Delta Corp rose sharply as the Supreme Court decided to hear on January 10 the petition filed against the online gaming industry’s GST show cause notice. According to the report of CNBC-TV18, the industry is demanding a ban on these notices as they fear heavy action from the tax authorities. 71 show cause notices were sent to online gaming companies over GST evasion of Rs 1.12 lakh crore in the first seven months of 2022-23 and 2023-24.
Online gaming companies are worried about GST at the rate of 28 percent instead of 18 percent till October 1, 2023. He says that this rate was to be implemented from October 1, 2023. However, the government says that the amendment of October 1 only provides clarity in the law which was already in force, that is, according to the government, there was already a law to impose GST at the rate of 28 percent.
How were the shares in one year?
Shares of Delta Corp were at Rs 157.90 on January 11, 2024, which is a one-year record high level for its shares. This rise of shares stopped here and in five months from this high level, this stock slipped by 34 percent to the price of Rs 104.30 on June 4, 2024, which is the record low level of one year for its shares. Shares recovered at lower levels and recovered more than 9 percent on the basis of buying, but it is still more than 27 percent downside from one year high.
After 4 months, Dr Reddy’s again crossed ₹ 1400, due to this the shares became rocket even in the falling market.
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