Dish TV shares tumble 10% in 2 days to Tuesday

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Dish TV shares tumble 10% in 2 days to Tuesday

Shares of Dish TV fell nearly 10 per cent in two days to Tuesday after more than doubled from June low, leading to stock exchanges seeking clarification from the company regarding the recent wild swings in the price movement.

On Tuesday, the scrip fell by 3.5 per cent to hit a low of Rs 19.30 on the BSE, taking its two-day fall to 9.6 per cent. The stock had risen 109 per cent from a June low of Rs 10.23 to Rs 21.35 on Friday.

The company said on Tuesday that the BSE wanted to make sure that investors have the latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded by the presence of Dish TV India on November 28, with reference to significant movement in price.

Osho Krishan, Senior Analyst for Technical Derivative Research at Angel One said that Dish TV has seen a significant rally from the odd zone of Rs 15 level, which coincides with the 200 DEMA. He said the stock has surged more than 40 per cent in a couple of trading sessions.

Considering the vertical rally, some cool-off should not be ruled out. As far as levels are concerned, the support seems to shift upward near the Rs 17.60 - 18 zone while the sacrosanct support is around Rs 15 odd levels. On the higher end, until the stock breaches the sturdy resistance of Rs 22 in a decisive manner, it is expected to hover in the mentioned range, Osho said.

The company reported a 37.66 per cent loss in net profit at Rs 22.08 crore for the month of September compared to Rs 35.42 crore in the same quarter last year. Sales for the quarter fell 16.97 per cent YoY to 596.31 crore from Rs 718.15 crore in the year-ago quarter.

Regional linear channels, despite the influx of streaming services, have held ground unlike Hindi entertainment and movie channels that have been facing some competition from internet-based platforms, as personal viewing content gains an edge over family viewing in the absence of a uniform content code, the company said recently.

On November 14, Anil Dua, Group CEO said that the audience seems to be going for content relevant to them, it could be on television or OTT, there doesn't seem to be a specific affinity or indifference to any medium, so far as the offering is rightly priced and in tune with the changing times. Even mature streaming service platforms are giving a long, hard look at ad-free models, despite the earlier arguments about streaming services being advertisement-free. To cater to every type of video viewer out there, we have widened our offering to include popular OTT content in the form of pre-designed bouquets. As of September 30, the company had 1.36 per cent and 1.57 per cent held by experienced investors Mukul Mahavir Agrawal and Ashish Dhawan.