The share market has risen more than three percent this month, with the Sensex gaining altitude to cross the 60,000 mark for the first time. However, the headline index's return is nothing compared to that of a stock owned by ace investor Rakesh Jhunjhunwala. It is up 45 percent this month, beating the 30-scrip index by a huge margin.
Delta Corp shares were near Rs 262 in intraday trade on Thursday, having begun the month at Rs 181. The stock price has increased by Rs 81 during the month -- a return of about 45 percent. Delta Corp is a gaming and hospitality corporation. It owns and operates casinos and hotels under different brands.
Jhunjhunwala, often called India's own Warren Buffett, owns asset management firm Rare Enterprises and is one of the most sought after traders in the country. He owns about two crore Delta Corp shares. So the rise in the stock actually added Rs 162 crore to his wealth.
On Thursday, the stock rose as much as two percent to Rs 264.4, outperforming the Sensex, which struggled in a narrow range around the flatline, as well as the overall hospitality gauge, which was down one percent.
Delta Corp has consistently outperformed Sensex in the past year, surging over 130 percent, again easily beating the 30-scrip index's 55 percent. In 2021 so far, the stock has risen more than 60 percent, and the Sensex 24 percent.
Meanwhile, Delta Corp group chief financial officer Hardik Debar told CNBC-TV18 the company is looking to raise around $30-40 million for its online gaming business.
Earlier this month, it had received approval from the Goa government to reopen casinos. While casinos and other offline facilities were closed due to the coronavirus situation, the company's online business arm has contributed nicely to its topline.
First Published: IST