Delta Corp slumps on profit taking

There was a lot of activity on the counters of Delta Corp for the past two days, with the stock consistently hitting new highs. Yesterday too, the stock was a big gainer, hitting a new high at Rs.164.85.

Today, after this marathon spurt over the last couple of days, profit booking has come in and the stock is down over 3% at Rs.157 with an intra day low at Rs.152.55.

Over the past two days, the buildup was probably in anticipation of its Board Meeting which was held yesterday. Announcing the outcome today morning, the company said that it was acquiring Gauss Network, owner of adda52.com. Gauss Network is an online gaming portal where one can play online rummy and poker.

The net deal was struck at Rs.152 crore and it is to be paid partly in cash and some in debt.

Grauss is debt free and has EBITDA margins in the range of 30-35%.