Delta Corp shares have experienced a boost, with an approximate rise of 1.36%. After the reports of a block deal, the company’s shares were trading at INR 137.65 on the National Stock Exchange (NSE) at around 12.30 PM on 5th October. This was a 1.36% increase from its previous closing rate. According to a CNBC TV18 report, there was a trade for about 17.7 lakh shares, roughly amounting to 0.7% of its equity. This deal was executed at an average rate of INR 137.9 per share, totaling to INR 24.3 crores. However, the identities of the buyer and seller remain undisclosed.
Delta Corp shares : Previously, the company’s shares saw a dip of more than 4% during the trading session on 3rd October due to the imposition of a 28% Goods and Services Tax (GST) on online gaming, which became effective from 1st October. Earlier, the GST rate for online gaming platforms was 18%.
Delta Corp shares: Amendments in the Central GST Act have categorized online gaming, casinos, and horse racing as “actionable claims”, now subjected to the same 28% GST bracket as lotteries, betting, and gambling. With further changes in the Integrated GST (IGST) Act, offshore online gambling platforms will now have to register in India and adhere to domestic regulations, including the payment of the 28% tax.
The past month has not been particularly favorable for the casino operator company. Due to various negative events, investors had sold their shares. On 22nd September, the company received a tax notice amounting to INR 16,822 crores. Delta Corp clarified that this notice pertains to Delta Corp and its two subsidiary companies, namely Highstreet Cruises and Entertainment Pvt Ltd and Delta Pleasure Cruise Company Pvt Ltd.
It will be interesting to see how these developments impact the future trajectory of Delta Corp’s shares and the decisions of its investors.
