Delta Corp extends gain after Rakesh Jhunjhunwala buys shares

The gains come after the stock witnessed nearly 50% fall from its 52-week high of Rs 195 since the government demonetised the Rs 500 and Rs 1,000 notes on Nov 8

Shares of Delta Corp on Friday extended gains for the second straight session after ace investor Rakesh Jhunjhunwala acquired 12.5 lakh shares in the company through a bulk deal.

On Thursday, the shares of the casino company surged 8%, while it gained 5% to Rs 118 today on the BSE.

The gains come after the stock witnessed nearly 50% fall from its 52-week high of Rs 195 since the government demonetised the Rs 500 and Rs 1,000 notes on November 8.

Jhunjhunwala-owned RARE Enterprises yesterday bought 12.5 lakh shares at an average price of Rs 106.54, NSE bulk deal data revealed.

A total of 6.38 lakh shares changed hands on the counter on BSE so far, compared with 17.97 lakh shares, on an average, in the past two weeks.

The stock underperformed the market over the past 30 days till 16 November 2016, sliding 38.48% compared with the Sensex's 6.25% fall. 

The scrip also underperformed the market in past one quarter, declining 26.81% as against the Sensex's 6.49% decline.

Delta Corp holds three offshore gaming licences in Goa and has an integrated casino resort in Daman. The company also has three luxury hotel properties in Goa Deltin Suites, Deltin Palms and Villa Marina by Deltin.