Delta Corp gains as offshore unit to commence operations

Delta Corp rose 1.57% to Rs 61.40 at 15:17 IST on BSE after the company said its wholly owned subsidiary obtained the necessary approvals for commencing its offshore gaming operations on board its vessel, M.V. Horseshoe Casino.

The announcement was made during trading hours today, 16 August 2013.

Meanwhile, the BSE Sensex was down 773.17 points or 3.99% at 18,594.42.

On BSE, 20.66 lakh shares were traded in the counter as against average daily volume of 3.63 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 8.1% at the day's high of Rs 65.35 so far during the day. The stock lost as much as 1.48% at the day's low of Rs 59.55 so far during the day. The stock had hit a 52-week low of Rs 38.95 on 22 March 2013. The stock had hit a 52-week high of Rs 84.35 on 4 January 2013.

The stock had outperformed the market over the past one month till 14 August 2013, surging 16.14% compared with the Sensex's 2.96% fall. The scrip had, however, underperformed the market in past one quarter, tumbling 16.68% as against Sensex's 1.8% fall.

The small-cap company has equity capital of Rs 22.69 crore. Face value per share is Re 1.

Delta Corp said that Victor Hotels & Motels, a wholly owned fellow subsidiary of the company has obtained the necessary approvals for commencing its offshore gaming operations on board its vessel, M.V. Horseshoe Casino. Accordingly, the company proposes to commence operations from today, 16 August 2013.

Delta Corp's consolidated net profit declined 31.2% to Rs 11.07 crore on 260.5% growth in net sales to Rs 259.47 crore in Q1 June 2013 over Q1 June 2012.

Delta Corp operates in three business segments, entertainment & gaming, hospitality and real estate.

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