Some good news for online gaming companies regarding taxes has caused Delta Corp’s shares to go up.
On Wednesday, the third day of trading this week, Delta Corp’s shares rose by about 13% to reach Rs 154.35.
Earlier on Tuesday, the share price was Rs 136.65. Back on June 28, 2023, the share price was at Rs 259.95.
However, on October 16, 2023, it fell to Rs 124.60. These were the highest and lowest prices of the share over the past year.
Relief in Sight
A report from CNBC-TV18 suggests that the government might ease up on the tax notices sent to online gaming companies.
These notices were for past taxes and were causing trouble. The plan is to relax the tax demands from July 2017 to March 2023.
The decision to charge 28% GST has been tough on casinos and online gaming companies.
Delta Corp’s Tax Notices
Delta Corp, which owns the Adda52 gaming platform, got many tax notices, totaling Rs 23,000 crore between September and October 2023.
The Kolkata High Court gave temporary relief for Rs 6,300 crore related to DeltaTech Gaming, a subsidiary of Delta Corp.
Quarterly Results
In the December quarter, Delta Corp’s profit fell by 59.34% to Rs 34.48 crore compared to the previous year. Its revenue also dropped by 15.58% to Rs 231.74 crore.
