Sell Delta Corp, target price Rs 164: Religare Broking

Religare Broking has sell call on Delta Corp with a target price of Rs 164. The current market price of Delta Corp is Rs 181.6. Religare Broking recommended to keep stoploss at Rs 188.

Delta Corp, incorporated in the year 1990, is a Mid Cap company (having a market cap of Rs 4868.90 Crore) operating in Tourism & Hospitality sector.

Delta Corp key Products/Revenue Segments include Sale of services for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 286.62 Crore, up 16.54 % from last quarter Total Income of Rs 245.94 Crore and up 11.82 % from last year same quarter Total Income of Rs 256.33 Crore. Company has reported net profit after tax of Rs 67.77 Crore in latest quarter.

Investment Rationale
Trading closer to the lower band of a channel. Indications are pointing towards a breakdown.

Promoter/FII Holdings
Promoters held 33.28 per cent stake in the company as of 30-Jun-2023, while FIIs owned 6.68 per cent, DIIs 18.04 per cent.