Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Markets / Stock Markets/  Rakesh Jhunjhunwala portfolio: Hospitality stock in 'uptrend'. Do you own?
BackBack

Rakesh Jhunjhunwala portfolio: Hospitality stock in 'uptrend'. Do you own?

Rakesh Jhunjhunwala portfolio stock is looking 'bullish' on chart pattern and it may breach its current hurdle place at ₹350 per share levels in near term, believe stock market experts

Rakesh Jhunjhunwala portfolio: Delta Corp share price has been climbing to its new 52-week high for last three trade sessions. (Reuters)Premium
Rakesh Jhunjhunwala portfolio: Delta Corp share price has been climbing to its new 52-week high for last three trade sessions. (Reuters)

Rakesh Jhunjhunwala portfolio: After giving fresh breakout at 310 apiece levels, Delta Corp share price has been in 'uptrend' and the stock has been climbing to its new 52-week high for last three sessions. According to experts, the stock is looking 'bullish' on chart pattern and it may breach its current hurdle place at 350 per share levels in near term. They went on to add that company's decision to explore the opportunity to monetize Gaussian Network via public issue has gone down well among the Dalal Street observers.

Highlighting the fundamentals supporting this Rakesh Jhunjhunwala portfolio stock; Santosh Meena, Head of Research at Swastika Investmart Ltd said, "Delta Corp is a good stock to ride the post covid open-up opportunity and growing organized gaming industry. It is the only listed casino stock in India. They have managed to capture 55 per cent of the market share in the organized casino market and it has three major areas of business – casinos, online gaming, and hospitality. The company through its subsidiary, Gaussian Networks owns online gaming sites like ‘Adda52rummy.com’ and provides services like fantasy league, poker, rummy, and other real money games."

On Delta Corp management's decision to monetize Gaussian Network through IPO and unlock theme impact on the company's business; Santosh Meena of Swastika Investmart Ltd said, "During Q3 FY 2022, the company has decided to explore the opportunity to monetize Gaussian Network via IPO. The company's board has approved the appointment of advisors, bankers, and other intermediaries to explore a potential public issue and listing of equity shares. In the December quarter of the current fiscal, the company was able to come out of the Covid aftermath as it finally turned profitable after 2 consecutive loss-making quarters. The long-term outlook is bullish for the company however any negative surprise on the covid front may hurt the near-term sentiment. The Daman casino is awaiting approval for a very long time; any favorable outcome from the regulators can change the fortunes of the company."

Sharing important levels in regard to this Rakesh Jhunjhunwala stock; Sumeet Bagadia, Executive Director at Choice Broking said, "Delta Corp shares have recently given fresh breakout at 310 levels. After that breakout the stock has maintained its uptrend making new range of 310 to 350 levels. The stock looks positive on chart pattern and it may breach its current hurdle placed at 350 levels in near term." He said that next hurdle after 350 levels is placed at 375 and the current bull pattern visible on chart pattern indicates that the stock may continue to move upside in next one month.

Rakesh Jhunjhunwala shareholding in Delta Corp

According to shareholding pattern of Delta Corp for October to December 2021 period, Rakesh Jhunjhunwala and Rekha Jhunjhunwala have invested in the company. Rakesh Jhunjhunwala holding in Delta Corp is 1.15 crore shares or 4.31 per cent stake in the company whereas Rekha Jhunjhunwala holding is 85 lakh shares or 3.18 per cent stake in the company. So, Jhunjhunwala couple holds 2 crore Delta Corp shares, which is around 7.49 per cent of the total issued paid-up capital of the company.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 01 Apr 2022, 07:35 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App