Rakesh Jhunjhunwala portfolio: Delta Corp share price has been nosediving after climbing to its 52-week high of ₹339.70 levels on NSE in April 2022. On Wednesday, this Big bull-backed stock closed at ₹174.65 apiece levels, close to its 52-week low of ₹165. According to stock market experts, fundamentally Delta Corp is a strong company to look at because its online gaming business is on rise and is expected to further gain momentum. However, on technical chart pattern, the stock looks weak and it may continue to go down for some time.
Speaking on this Rakesh Jhunjhunwala stock , Jitendra Upadhyay, Senior Research Analyst at Bonanza Portfolio said, “Online gaming is gaining fame in India during the covid time. Delta’s adda52.com a leader in online poker has greatly benefited from this trend they would be able to maintain 60-70% of online poker market share going forward in India. It has maintained leadership and market share despite high spending on marketing and promotional activity by global players such as Poker Stars in India. Expect meaningful growth for Adda52.com multiple new users get introduced to online gaming, Also, industry reports indicate mobile or online gaming growth is likely to be sustained going forward.”
Advising positional investors to wait Rohit Singre, AVP — Technical Research at Bonanza Portfolio said, “Overall structure of Delta Corp shares look weak. Currently, it has support at around ₹170 levels and resistance placed at ₹200 apiece levels. One should buy only when Delta Corp sustains above ₹200 levels.”
Rakesh Jhunjhunwala share holding in Delta Corp
As per the latest exchange communication by Delta Corp, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together hold 90 lakh Delta Corp shares. Jhunjhunwala couple informed Indian exchanges that they have sold 75 lakgh Delta Corp shares in the month of June whereas their stake in the online gaming and hospitality stock stood at 2 crore shares in January to March 2022 quarter. So, Jhunjhunwala couple sold out 1.1 crore Delta Corp shares in Q1FY23.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.