Citi upgrades Dish TV to 'buy', shares gain

Shares in Dish TV India Ltd gain 2.8% after Citigroup upgraded the stock to "buy" from "sell" and raised its target price to Rs 77 from Rs 70.

Citigroup cites expectations for a fall in subscriber acquisition costs and an "inching up" in average revenues per user, while noting the industry is becoming more "rational" in terms of its balance sheets.

Citigroup also says Dish TV shares have under-performed rivals over the past six months.