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

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

Updated on: Jun 18, 2024, 12:50:49 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

Prefer HTon Google

Share via

Copy link

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

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.

Also Read | Supreme Court strikes down Trump-era ban on bump stocks, gun accessories used in 2017 Vegas massacre

“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.”

Also Read | S&P 500, Nasdaq hit record highs even as US Fed takes hawkish stance

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.

Also Read | NSE warns investors against deepfake videos of its chief recommending stocks

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator