Dish TV India shares hit upper circuit on September 5; know why?
Since September 1, Dish TV India share price increased by more than 40 per cent.
Today, on September 5, Dish TV India shares hit the upper circuit. At 1:45 pm, the stock is trading at Rs 17.02, up 20 per cent from its previous close of Rs 14.19.
The corporation has recently been in the headlines due to the departure of its top management. The company's current chairman, Jawahar Goel, is likely to step down from his post during the upcoming annual general meeting, which is set for September 26.
Yes Bank and the promoter, Essel Group, were in a dispute over a change in the board for Dish TV India. Yes Bank owns around 25 per cent of the company, while Essel Group owns 6 per cent.
On August 30, Dish TV India approved the addition of two directors nominated by Yes Bank to its board of directors. Yes Bank's new management is expected to advocate for the company's sale. Dish TV India's investors have reacted positively to the company's current management change. Dish TV India's stock has increased by more than 40 per cent since the start of September month.
Dish TV India Ltd is a leading direct-to-home (DTH) provider in the country. It operates under three brands- D2H, DishTV, and Zing Digital. The company has a market capitalization of Rs 3133 crore.
The company has recorded decreased sales every year since FY19. It recorded total sales of Rs. 6166 crores in FY19, but only Rs 2802 crore in FY22. The company never reported a net profit in the last five years. It reported a net loss of Rs 1867 crore for FY22.