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

Representational

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

Read more news like this on HindustanTimes.com