Rakesh Jhunjhunwala Portfolio Delta Corp share price is falling after climbing 52-week high At the level of 339.70 on NSE in April 2022. On Wednesday, this big bull-backed stock . closed on Each level of 174.65 is down from its 52-week low of . Close 165. Fundamentally, Delta Corp is a strong company, according to stock market experts, as its online gaming business is growing and is expected to gain further momentum. However, the stock is looking weak on the technical chart pattern and may continue to decline for some time.
speaking on Rakesh Jhunjhunwala StockJitendra Upadhyay, Senior Research Analyst, Bonanza Portfolio, said, “Online gaming is gaining prominence in India during the Covid times. Delta’s Adda52.com A leader in online poker has benefited greatly from this trend, they will be able to maintain 60-70% online poker market share in India going forward. It has maintained leadership and market share in India despite high spending on marketing and promotional activities by global players such as Poker Stars. Expect Meaningful Growth for Adda52.com With many new users being introduced to online gaming, industry reports indicate that mobile or online gaming growth is likely to be sustained going forward.
Rohit Singre, AVP of Technical Research at Bonanza Portfolio, advising positional investors to wait, said, “The overall composition of the shares of Delta Corp. looks weak. Currently, it is supported by approx. Placed at 170 level and resistance 200 per level. Buy only if you stay above Delta Corp 200 levels.”
Rakesh Jhunjhunwala’s stake in Delta Corp
as per latest exchange communication Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold 9 million shares of Delta Corp by Delta Corp. The Jhunjhunwala couple informed Indian exchanges that they sold 7.5 million shares of Delta Corp in the month of June, while their stake in online gaming and hospitality stock stood at 20 million shares in the January-March 2022 quarter. So, the Jhunjhunwala couple sold 11 million Delta Corp shares in Q1FY23.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.