Shares of Delta Corp. surged over 17% on Wednesday to the highest in over five months amid speculation that the GST Council might review the decision to levy a 28% tax on online gaming services.
Last August, the council decided to charge a 28% goods and services tax on the full face value of the bets placed in online gaming from Oct. 1, 2023. Delta Corp is specialised in gaming and hospitality services.
At its meeting on Saturday, the GST council is expected to approve key amendments, which can resolve the issue of retrospective taxation, potentially offering relief, Business Standard reported. If the amendment is implemented, it can empower the Union and the state governments to waive taxes that are not paid due to legal ambiguities.
On the NSE, Delta Corp.'s stock jumped as much as 17.13% during the day to Rs 154.90 apiece, the highest since Jan. 12. It was trading 11.76% higher at Rs 147.80 per share, compared to a 0.09% decline in the benchmark Nifty at 1:27 p.m.
The share price has gained 41.72% in the last 12 months and 1.4% on a year-to-date basis. The total traded volume so far in the day on NSE stood at 19.30 times its 30-day average. The relative strength index was at 78.37, implying that the stock may be overbought.
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