big bull rakesh Jhunjhunwala Cuts Stake to around half in this company shares fall

Jhunjhunwala’s portfolio: After the sale of Jhunjhunwala’s company, a downward trend is visible in the shares.

Jhunjhunwala Wallet: Investors are keeping tabs on what stocks Rakesh Jhunjhunwala is investing in and who he is making money from. Speaking of this month, his stake in giant Delta Corp, which runs casinos in Goa, was cut by nearly half. The effect of this sale is also visible on the shares. Earlier this month, Jhunjhunwala and his wife Rekha Jhunjhunwala held a 6.12% stake in Delta Corp, which now stands at 3.37%. In the last days of last month also, he had sold his shares. Shares of Delta Corp have lost around 22% since being sold and today (June 15) they closed at Rs 176.50 on BSE.

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When did Jhunjhunwala sell?

  • According to information given to the stock exchanges on June 1, Rakesh Jhunjhunwala and his wife held 2,37,50,000 shares of the company, or 10.2750% of the capital, on November 18, 2016. Between October 31, 2017 and May 27, 2022, the two reduced their stake by 2.1517%. After that, both of them again sold 1.5 million shares of the company, or 0.5608% on May 31 and May 31, 2022, after which their stake in the company became 6.1695% in the company. .
  • According to information given to exchanges on June 15, the two held 1.65 crore of shares at the start of the month. After that, he sold 60,000 shares (2.2435% stake) between June 1 and June 10. After that, he again sold 15 lakh shares on June 13-14. In this way, Rakesh Jhunjhunwala and his wife hold a 3.3652% stake (90 lakh shares) in the company.

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22% price cut after the sale

Since the sale of Jhunjhunwala, Delta Corp’s prices have fallen about 22%. Talking about its 52-week high price, on April 6, 2022, it was at Rs 339.50, while on August 23, last year, it was at a 52-week low of Rs 165.

why prices are falling

Delta Corp is in the casino and online gaming, hospitality business. According to the March quarter results, the consolidated profit (after tax deduction) of the Casino Gaming Division, Online Skill Gaming Division and Hospitality Division amounted to Rs 48.11 Crore as of during the quarter of March 2022 against Rs 70.38 crore in the quarter of October to December 2021 and Rs. The previous year was at Rs 57.77 crore. Since the announcement of the results, its shares have been sold. In the middle, he was somewhat stable, but after Jhunjhunwala was sold, he slipped again. In addition to the company’s lower profits, the government is set to impose a 28% GST on online casinos and games instead of 18%, which could impact Delta’s business.

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