The shares of gaming companies Delta Corp. and Nazara Technology are trading in a diametrically opposite direction on Friday, January 10. This comes to pass after the Supreme Court has moved the hearing on the matter of GST notice to gaming companies to March 18.
SC Stays GST Notice
The apex court stayed the GST show cause notice issued to gaining companies and casinos by the Directorate General of GST Intelligence (DGGI).
Supreme Court | PTI
The court is engaging with a total of 51 petitions by gaming companies and casinos that are taking on the central government’s 28 per cent GST (which is the highest slab in the GST regime) on these gaming companies.
The shartes of the two of the major gaming companies that are listed on the equity markets, Nazara Technologies and Delta Corp, both companies saw their shares move in different directions.
Delta Corp shares soared in the intraday trade on Friday, January, while the shares of Nazara after making minor gains slumped with fresh losses.
Delta Corp Ltd
When we take a closer look at the company shares, Delta Corp. shares saw their value increase significantly.
At the time of writing, the said surge stood at 7.14 per cent or Rs 8.09. This took the overall of the Mumbai-based company shares to Rs 121.39 per piece. Over the past five trading sessions, the shares have gained 9.19 per cent or Rs 10.27.
Nazara Technologies Ltd
On the other hand, Nazara Technologies after making minor gains, lost its momentum. The shares dropped in value, with a decline amounting to over 2 per cent.
This decline in value reduced in its intensity after a certain while. The company shares’ decline stood at the cumulative loss of 1.60 per cent or Rs 15.85, talking the overall of the company shares to Rs 975.00 per piece. Over at Nazara, the company shares have seen a drop of 1.91 per cent or Rs 19.00 in the past week.
