Rakesh Jhunjhunwala Portfolio The GST Council on Wednesday deferred the proposal to levy 28 per cent GST (Goods and Services Tax) on online gaming, casinos and horse racing. Following the announcement by the Government of India (GoI) about its decision on tax proposals, shares of Delta Corp started moving north as the company has strong exposure to the casino business. Shares of Rakesh Jhunjhunwala-backed company closed with a gain of 2 points Providing fresh breakout at 181.40 each level on NSE 178 levels.
According to stock market experts, the postponement of 28 percent GST on casinos is positive news for Delta Corp and the rise in the share price of Delta Corp on Wednesday is a living example of this. He said the stock has given a fresh breakout at Level 178 based on closing. Experts further said that the shares of Delta Corp are currently in an ‘uptrend’ and may go up. 195 levels in the near term.
Speaking on the reason for the increase in delta corp share price Puneet Patni, Equity Research Analyst at Swastik Investmart, said on Wednesday, “The deferment of 28 per cent GST on casinos is positive news for Delta Corp. Currently, services like casino, horse racing and online gaming attract 18 per cent GST, which has been increased to 28 per cent. percentage was proposed.
Expecting the Delta Corp share price rally to continue further, Mudit Goyal, Senior Research Analyst, SMC Global Securities, said, “Delta Corp share price has given fresh breakout. 178 each level depending on the ending. Stock is now showing an uptrend and it may go up 195 level, its immediate resistance level.” Mudit Goyal of SMC Global Securities said that those who have this stock in their portfolio can continue to upgrade the stock to the trailing stop loss. 174.
“Fresh buyers can also buy Delta Corp shares with a near-term target at current levels Maintaining Stop Loss at 195 174 levels,” said Mudit Goyal of SMC.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.