Dish TV India zooms by nearly 14 per cent

Geyatee Deshpande
/ Categories: Trending, DSIJ News
Dish TV India zooms by nearly 14 per cent

Dish TV had recently made an announcement about CARE Ratings, downgrading the company’s short-term bank facilities rating to ‘CARE D’ from ‘CARE A4+’. After the company mentioned that the default in debt repayment was due to temporary cash shortfall, which is because of peak payment commitments to suppliers, the stock jumped by 13.85 per cent.
 
Rating agency Care Ratings Limited’s downgrade was based on the default by Dish TV India Limited in payment of its short-term loan of around Rs. 2,500 crores. In the clarification, Dish TV stated that, from the current Rs. 2,500 crores debt, Rs. 600 crores will be paid by March-end. For more than six quarters now, it has been drawing on its internal cash accruals to fund its capital expenditure. With good synergies, the company will be able to repay most of its debt very soon.
 
On Friday, the company’s stock witnessed a huge slip, that was, by 15 per cent and closed at Rs. 12.56 on BSE after the company informed the exchanges that a lender had invoked 3.12 million pledged shares. On Monday, at around 11:16 am, the stock of Dish TV India was trading at Rs. 14.30, up by 13.85 per cent or Rs. 1.74 per share as a result of the clarification on the downgrade. Thus, the stocks were trading close to its upper price band of Rs. 14.44, that is, 15 per cent. The 52-week high is Rs. 42.55 and the 52-week low is Rs. 10.35 on BSE.

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