Delta Corp shares surge ahead of quarterly earnings announcement

9 Jul 2024 , 03:14 PM

Delta Corp’s shares surged nearly 8% on July 8 ahead of its scheduled announcement of June quarter earnings. At the time of writing on July 9, 2024 at 3:08 pm, shares of Delta Corp is currently trading at ₹142.94 which is a 1.30% dip than the previous close. The stock has witnessed a total of 40% dip in the last one year, and 5.7% dip than the previous close. Over the past month, Delta Corp’s stock has gained over 18%. 

Recent market movements were fueled by expectations within the gaming industry that Delta Corp might receive relief from the GST Council. Speculations were rife that amendments to the CGST Act, 2017, could alleviate retrospective tax demands.

Disappointment followed when the GST Council concluded without providing relief, maintaining the 28% GST rate on online gaming and casinos, contrary to industry hopes.

In the previous quarter ending March 31, Delta Corp reported a net profit of ₹72.4 Crore, a notable 41.5% increase, driven by an exceptional gain of ₹49.78 Crore. However, its revenue from operations declined by 9% year-on-year to ₹194.8 Crore in FY24 Q4, down from ₹214.31 Crore reported in the corresponding period of the previous fiscal year.