Delta Corp hits all-time high; zooms over 60% post Q1 results

Delta Corp continued its upward march, with the stock hitting a record high of Rs 155, up 7% on the BSE in intra-day trade.

Thus far in August, the stock surged 61% from Rs 96 after the company reported a consolidated net profit at Rs 20 crore for the quarter ended June 30, 2016 (Q1FY17) as compared to a net loss of Rs 1 crore in the year ago quarter. The S&P BSE Sensex was down nearly 1% during the same period.

The company attributed the strong showing to better targeted marketing and getting on board the right customers, resulting in a stable income flow and increasing customer numbers.

The company said the income streams are steady and are bound to translate into greater revenue and growth in the months to come. The floatel, Casino Deltin Caravella, operational in Goa, is expected to add to revenues and profitability, it added.

Since July 26, the stock surged 70% from Rs 91, after the company said it signed a leave and license agreement for premises in the Denzong Regency Hotel, Gangtok, Sikkim, to operate a casino.

At 11:26 am, the stock was up 5% at Rs 153 on the BSE, as compared to 0.02% decline in the benchmark index. A combined 4.6 million shares changed hands on the BSE and NSE so far.