Nazara Tech, Delta Corp shares rise as SC likely to hear online gaming firms' GST challenge next week

Mumbai-based Nazara Tech’s shares jumped 1.27 percent to Rs 918.1 at 11:48 am on NSE, while Delta Corp’s stock surged 2.85 percent to Rs 144.16.

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Nazara Technologies and Delta Corp shares gained in the morning trade on July 15 after Chief Justice of India DY Chandrachud said the Supreme Court will next week hear pleas filed by gaming firms against demand notices to pay 28 percent goods and services Tax (GST) on full face value of bets, CNBC-TV18 reported.

The case was earlier scheduled to be heard on July 15.

At 11.48 am, Mumbai-based Nazara Tech’s shares was trading 1.27 percent higher at Rs 918.1 on NSE and the Delta Corp was up 2.85 percent at Rs 144.16.

Around 30 pleas have been filed by online real money gaming companies challenging retrospective GST notices asking for over Rs 1.5 lakh crore, calculated at 28 percent on the face value of bets.

In May, CJI Chandrachud said the court would hear the pleas challenging I-T department’s tax notices in July. The chief justice was hearing a petition filed by Baazi Networks Private Limited that owns Baazi Games.

Nazara Technologies has interests in mobile games, esports and sports media, while Delta Corp, which operates offshore casinos, is also into gaming and hospitality.

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