Delta Corp swings back

Delta Corp announced is having an extremely volatile day today. From its close of yesterday at Rs.86.05, it opened lower at Rs.84.20 but from there, keeping in tune with the market swinging back into the green and value buying coming in, the stock price bounced back to Rs.90 and it remains firmly in the green now.

The company announced closure of its Goa unit yesterday on account of Covid-19.

The company said, “ as a measure to prevent and contain Corona virus (COVID-19) disease in Goa, the Director of Health Services, Government of Goa, has directed the closure of all Gymnasiums, Cinema Theatres, Swimming Pools, Casinos, Spas, River Cruises, Night Clubs and Multiplexes in Goa from midnight of intervening night of 15th and 16th March, 2020. In compliance with the foregoing directions, the casinos operated by the Company and its subsidiaries in Goa will remain closed until 31st March, 2020, and will be reviewed thereafter for further course of action. We are unable to estimate the quantum of potential losses on account of the impact of this closure and the pandemic at this time.”

This is not good news at all but the market has decided to go with the moods on the street.