Delta Corp gains ahead of board meeting to consider fund raising plans

The stock rallied 5% to Rs 178 on BSE in early morning trade in otherwise weak market

Shares of Delta Corp rallied 5% to Rs 178 on BSE in early morning trade in an otherwise weak market ahead of the board meeting today to consider fund raising plans.

“The board of directors of the company is proposed to be held on Wednesday, 22nd March, 2017 to consider and, if thought fit, to approve raising funds by issue of equity shares and / or such other securities, as may be permitted, by way of a public or private offering, including a qualified institutions placement or any combination thereof,” Delta Corp, casino and hotel operator, said in a BSE filing on March 17, 2017.

The stock has appreciated by 86% from its recent low of Rs 95.40 touched on December 26, 2016, as compared to 13.6% rise in the S&P BSE Sensex.

Post demonetization, between November 8 and December 26, the stock had declined 41% from Rs 162, against 6.5% decline in the benchmark index. It had hit a record high of Rs 195 on October 16, during intra-day trade.

Delta Corp is the largest operator in the organised gaming market in India, and the only listed operator with access to capital markets.

At 09:25 am; the stock was up 4.4% at Rs 177 as compared to 0.58% decline in the Sensex. A combined 2.97 million shares changed hands on the counter on BSE and NSE so far.