Delta Corp reacts positively after Societe Generale picks up nearly 1% stake

Shares of Delta Corp were up nearly 1 percent in early trade on September 5, after European services group Societe Generale picked up 0.88 percent in the company following Zerodha Broking offloading its stake.

At 11:08am, the Delta Corp stock was trading 0.67 percent higher at Rs 187.51 on the NSE.

Exchange of equity in Delta Corp

European financial services group Societe Generale has bought 23.42 lakh equity shares or 0.88 percent stake in the casino gaming company through open market transactions at an average price of Rs 182 per share after Zerodha Broking sold 25.5 lakh shares or 0.95 percent stake in the company at an average price of Rs 182.12 per share.

Societe Generale held 1.43 percent stake in Delta Corp as of June 2023.

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Brokerage views

Religare Broking has given a ‘sell’ call on Delta Corp with a target price of Rs 164 in a recently released report. Religare Broking recommended to keep the stop-loss at Rs 188. Delta Corp, incorporated in 1990, is a mid-cap company (having a market cap of Rs 5005.90 Crore) operating in the tourism and hospitality sector.

Shareholding pattern 

Public owns the majority stake in Delta Corp at 42.01 percent. Promoters and DIIs have 33.28 percent and 18.04 percent, while FIIs own the remaining 6.68 percent.

Stock performance

The Delta Corp stock has lost 5.61 percent of its value over the last six months. The benchmark Nifty50 index has given a return of 10.26 percent over the same duration.

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