Why Delta Corp stock hit its fresh lifetime high of 338.90 today

The Delta Corp stock rose to its fresh lifetime high of 338.90 level after the casino and gaming industry player logged a  319.1% (year on year) rise in its Q3 net profit at Rs 44.70 crore compared with Rs 10.7 crore in Q3 of last fiscal.

At 10:36 am, the stock was trading 3.81% or 12.10 points higher at 329.85 level on BSE.

The stock hit its intra day high of 338.90 in early trade.

The stock was among the top five gainers on BSE.

The stock has gained 147.33% or 197.35 points on an yearly basis. It is up 7.72% or 23.75 points since the beginning of this year.

The firm's revenue rose to Rs 155.97 crore compared with Rs 145.02 crore in Q2 of this fiscal.  The firm clocked Rs 90.35 crore in revenue  in the same quarter of last fiscal.  

Its revenue from online gaming operations, a new gaming division introduced in last quarter, rose 18% to Rs 28.4 crore in Q3 compared with Rs 24.1 crore in Q2 of current fiscal.

Delta Corp owns three offshore casinos in Goa out of a total of six, making it the dominant player in the state, the firm claims on its website.

The firm operates Deltin Royale and Deltin JAQK, among the country's two largest offshore casinos, and Deltin Caravela, the only floating hotel with a casino in India.

Founded by Jaydev Mody, Delta Corp started off as a real estate firm and gradually entered the hospitality and gaming segment in 2008.