Budget 2024: Why Delta Corp share price is rising amid GST cut speculations - Hindustan Times
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Budget 2024: Why Delta Corp share price is rising amid GST cut speculations

By | Edited by Abhyjith K. Ashokan
Jun 18, 2024 12:50 PM IST

After bottoming out at around ₹110 per share, Delta Corp share price ended at ₹136 last Friday, a 24% rise in two weeks.

Stock market experts say Delta Corp share prices are rising due to investors expecting a GST cut that will enable enhance profitability, Mint wrote.

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Representational

After bottoming out at around 110 per share, Delta Corp share price ended at 136 on Friday last week, delivering around a 24% rise in two weeks, according to the article.

The experts noted that Delta Corp shares are on the cusp of giving a fresh breakout at around 160 and touch 205 in the next six months, according to the Mint report.

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“There is a strong market buzz that Finance Minister Nirmala Sitharaman may announce a reduction in GST in the upcoming interim budget. This speculation has led the market to anticipate additional income in the company's balance sheet in the upcoming quarterly results,” Avinash Gorakshkar, Head of Research at Profitmart Securities, told Mint.

“The stock is also available at a significant discount due to prolonged sell-off pressure. If the Union Finance Minister in the Modi 3.0 government indeed announces a GST reduction in her budget speech, we can expect a surge in buying of Delta Corp shares post-budget presentation.”

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Asked about the technical outlook of Delta Corp share price, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, said, "Delta Corp share price is facing hurdle at 160 level. We can expect Delta Corp's share price to touch the 205 mark on breaching this resistance.”

"We recommend a buy-on-dips strategy as long as the stock remains above 105. For a medium-term investment, you can hold the scrip with a target of 205," he added.

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