Trending Stock: Shares of Dish TV jump 51 per cent on one month alone!
The shares of Dish TV jumped higher by ~20 per cent on Thursday. The stock was locked in the upper circuit even as a huge spike in volume was seen in the counter. The stock is trading higher where the prices at two-year highs.
A long green candle was formed in Thursday trading session even as the stock is seen moving out of a long consolidation range. The stock gained traction after the Yes Bank seeks removal of five directors including the Managing Director, Jawahar Lal Goel. Yes Bank holds 25.6 per cent in Essel Group owned Dish TV.
Dish TV owes Rs 6000 crore to Yes Bank. According to Yes Bank the current board is not fit to run the company and hence it is demanding an overhaul of the board of directors. Yes Bank intends to replace the current directors with its own list of directors.
Market is reacting positively to this development. The AGM is schedule on September 27. The new directors as wished by Yes Bank can only be appointed after a green signal from Ministry of Information and Broadcasting. Dish TV in the latest quarter has declared profits to the tune of Rs 56.15 crore which is higher than the profits declared YoY.
The share price of Dish TV has increased by more than 33 per cent in 2021 alone while in one year the stock is up by over 25 per cent. In one month, the stock is up by over 51 per cent.