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This Rakesh Jhunjhunwala-owned stock hits 52-week high post Q2 earnings

This Rakesh Jhunjhunwala-owned stock hits 52-week high post Q2 earnings

Delta Corp stock touched an intraday high of Rs 305.60, rising 12.29% against previous close of Rs 272.15 on BSE

Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala held 1.15 crore shares (4.31% stake) and 85 lakh shares (3.19%) of Delta Corp at the end of quarter ended June 2021. Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala held 1.15 crore shares (4.31% stake) and 85 lakh shares (3.19%) of Delta Corp at the end of quarter ended June 2021.

Shares of Delta Corp rose to a fresh 52-week high in early trade today after the firm reported a sharp narrowing of loss in July-September quarter.

Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala owned 1.15 crore shares (4.31 per cent stake) and 85 lakh shares (3.19 per cent) of Delta Corp, respectively, at the end of June 2021 quarter.

Five mutual funds held 6.73 per cent stake or 1.79 crore shares in the company during the period, while 51 foreign portfolio investors (FPIs) owned 2.07 crore shares or 7.78 per cent stake in the June quarter.

Also read: This Jhunjhunwala stock doubled investor wealth in a year, did you miss the rally?

Shares of Delta Corp touched an intraday high of Rs 305.60, rising 12.29 per cent against the previous close of Rs 272.15 on BSE. The share trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has zoomed 176.26 per cent in one year and has gained 83.28 per cent since the beginning of this year. It touched a 52-week low of Rs 103 on October 14, 2020.

A total of 10.32 lakh shares changed hands amounting to a turnover of Rs 30.48 crore. The market capitalisation of the firm rose to Rs 7,885 crore on the BSE.

Also read: Delta Corp share slips 3% after Goa announces coronavirus lockdown

Delta Corp reported a consolidated net loss of Rs 22 crore for the quarter ended September against Rs 55 crore loss in the year-ago period (Q2FY21). The company had reported a loss of Rs 29 crore for the quarter ended June.

Net sales nearly doubled to Rs 74 crore in Q2 as against Rs 38 crore in the same quarter a year ago. However, net sales fell 1.5 per cent from Rs 75.87 crore in the June quarter.

The income from gaming operations fell to Rs 40.05 crore from Rs 41.43 crore in the June quarter. Sales from hospitality and other operations rose to Rs 12.53 crore from  Rs 9.83 crore in the previous quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA) loss stood at  Rs 19 crore against loss of  Rs 45.1 crore in the last year period.

Delta Corp is engaged in the entertainment and gaming, real estate, hospitality and aviation segments of the industry. The company operates its gaming and hospitality businesses under the DELTIN brand. It owns three casinos in Goa, including Deltin Royale, Deltin JAQK and Deltin Caravela