Shares of Dish TV India surged 20% on September 5, here’s why!
Since, August 30, the shares of Dish TV India have increased by more than 40%.
On September 5, the market is trading in green. At 11:55 am, the S&P BSE Sensex is trading at 59184.65. Regarding sectoral performance, metal and telecom are top gainers, while oil & gas is the top underperformer. Talking about stock-specific action, the shares of Dish TV India Ltd hit an upper circuit.
Today, On September 5, the stock opened at Rs 14.05. Currently, at 11:55 am, the shares of Dish TV India Ltd have surged 20% and are trading at Rs 17.02. The company released its annual report yesterday.
The company is recently in news regarding its top management leaving the organization. Jawahar Goel, current chairman of the company is expected to resign his position at the company’s next annual general meeting, scheduled on September 26.
There was an ongoing dispute between Yes Bank and the promoter, Essel group regarding a change in the board members of Dish TV India. Yes Bank owns around 25% of the company, while Essel group holds around 6%.
On August 30, Dish TV India approved adding two board of directors nominated by Yes Bank. The new management from the Yes Bank is expected to push the company for a sale. The investors of Dish TV India are clearly reacting positively to the current change in the management of the company. Since, August 30, the shares of Dish TV India have increased by more than 40%.
Dish TV India Ltd is a leading direct-to-home (DTH) company, providing DTH services in the country. It operates under three brands- D2H, DishTV, and Zing Digital.
Since FY19, the company has reported declining sales each year. In FY19, the company reported total revenue of Rs 6166 crore, while in FY22, revenue stood at only 2802 crore. For the last 5 years, the company has reported a net loss. In FY22, the company recorded a net loss of Rs 1867 crore.
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