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market | IST

Momentumisers: Key factors behind Delta Corp’s surge

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Delta Corp has been surging and currently, it's at a 4-year high. On Friday, October 1, which was its first day in the Futures & Options (F&O) space, it rallied about 7 percent. In the month of September, it was up around 45 percent and in the last 12 months, the stock is up over 140 percent.

Delta Corp has been surging and currently, it's at a 4-year high. On Friday, October 1, which was its first day in the Futures & Options (F&O) space, it rallied about 7 percent. In the month of September, it was up around 45 percent and in the last 12 months, the stock is up over 140 percent.
The big trigger for the move, on Friday of course, was the fact that it entered the F&O trading and at the same time, there was a fair number of shares marked for delivery as well, 90 lakh shares were marked for delivery on Friday and that's nearly 6- times the average that was seen. On an average of the last 3 months, the daily delivery of shares was just around 15 lakh odd. So, there is some big buyer marking these shares for delivery.
The big triggers for Delta Corp are, the reopening theme coming by the festive season that is Diwali at the same time thereafter there will be Christmas, a lot of people are engaging in revenge travel to Goa and all these casinos and maybe all of that is playing out in the price.
Watch the accompanying video of CNBC-TV18’s Mangalam Maloo for more details.