Delta Corp zooms after RK Damani buys stake

Delta Corp hit an upper circuit of 5% at Rs 68.75 after ace investor Radhakishan Damani on Tuesday (31 March) bought 15.5 lakh shares, or 0.57% stake, in the company at Rs 65.25 each on the NSE.

Derive Investments (whose partners are Radhakishan S. Damani and Gopikishan S. Damani) sold 15.50 lakh shares at Rs 65 each on NSE on Tuesday (31 March).

The scrip extended gains for fifth consecutive day. In five sessions, the stock has added 27.31% from a recent closing low of Rs 54 recorded on 25 March 2020.

Delta Corp on Saturday (28 March) said its board approved a proposal to buyback shares worth up to Rs 125 crore at a price not exceeding Rs 100 per share. The company said it will utilise at least 50% of the amount earmarked as the maximum buyback size for the buyback. Based on the minimum buyback size and maximum buy-back price, the company would purchase a minimum of 62.50 lakh equity shares. As on 28 March 2020, the promoters and promoter group held 32.77% stake in the company.

Delta Corp is the only listed company engaged in the casino (live, electronic and online) gaming industry in India. It currently own and operate casinos Goa and Sikkim. In addition, the company also own and operate the online poker site 'Adda52.com', the online rummy site 'Adda52rummy.com' and the online fantasy sports site 'LeagueAdda.com'.

The casino operator reported a consolidated net profit of Rs 55.07 crore in Q3 December 2019, up 9% from Rs 50.53 crore in Q3 December 2018. Net sales, however, remained flat at Rs 205.13 crore in Q3 December 2019 as compared to Rs 205.15 crore in Q3 December 2018.

Powered by Capital Market - Live News