Rakesh Jhunjhunwala-backed Delta Corp hits new 52-week high amid improved Q2FY22 numbers; Stocks up 10%

Rakesh Jhunjhunwala-backed Delta Corp has been trading high on Tuesday and hit a fresh 52-week high of Rs 305.60 on the BSE in the intraday trade on the back of a relatively good September quarter, compared to the last fiscal.  

Delta Corp shares were trading at Rs 300.40, up 28.25 or 10.38% around 9.55 am on Tuesday.  

The shares of the gaming and casinos company got a boost after it reported a consolidated loss of Rs 22.6 crore in the quarter ended September, narrowing it down from Rs 54.9 crore loss in the same quarter in the last financial year.  

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Rakesh Jhunjhunwala, along with his wife Rekha, jointly hold 20,000,000 shares comprising 7.5 per cent stake, amounting to Rs 450 crore in the company, as per the latest shareholding pattern at StockEdge, an app for analysing stocks on NSE and BSE.  

Earlier, late on Monday evening, Delta Corp posted its Q2 FY22 results. Delta Corp Q2FY22 results saw the company’s consolidated revenue growing by 94.5 per cent. The consolidated revenue of the gaming and casino company stood at Rs 74.7 crore in the September quarter as against Rs 38.4 crore in the corresponding quarter of FY21. Similarly, it reported a consolidated EBITDA loss of Rs 19 crore versus a loss of Rs 45.1 crore year-on-year.

The results were encouraging for Rakesh Jhunjhunwala-backed company which comes amid the partial opening of the casino and gaming business in the view of the lockdown due to the second wave of Covid 19 pandemic.  

"The Casinos at Goa was operational at 50% of normal capacity for major part of April 2021, and with effect from 20th September 2021 with restrictions except for King Casino," said the company in a statement.