Jhunjhunwala stake buy lifts Dish TV by 3%
Dish TV got a fillip from renowned investor Rakesh Jhunjhunwala's stake buy in the company as the stock rallied over 3 per cent on Thursday.
Jhunjhunwala-owned Rare Enterprises on Wednesday picked 1.30 crore shares in Dish TV, amounting to 0.71 per cent stake, NSE bulk deal data showed.
The shares were purchased at an average price of Rs 71.30, valuing the transaction at Rs 92.69 crore.
The scrip jumped as much as 3.60 per cent to Rs 76.05 on early Thursday. The BSE Sensex was down over 100 points and the NSE Nifty was below 10,850.
Direct-to-home operator Dish TV recently posted consolidated net profit at Rs 118.21 crore for the fourth quarter to March. It suffered a net loss of Rs 29.49 crore during January-March a year ago.
Total income stood at Rs 1,545.11 crore during the quarter under review compared with Rs 732.36 crore in the year-ago period.
On March 22, Videocon D2h Limited merged with Dish TV.
For the whole of 2017-18, Dish TV reported a net loss of Rs 84.90 crore against a net profit of Rs 82.12 crore in 2016-17.
On outlook, Dish TV said it expects the year to be positive as the company looks to outgrow the industry growth rate, backed by launch of new fully HD compliant set-top boxes