Den Networks at new low on weak June quarter nos

Den Networks has hit the lower circuit filter of 20% at Rs 42.80 after reporting 82% year-on-year drop in its consolidated net profit at Rs 1.83 crore for the first quarter ended June 2011. The multi-system operator (MSO) had reported a net profit of Rs 10.02 crore in the corresponding quarter of the previous fiscal.

“However, total income during the recently concluded quarter jumped 15% to Rs 283 crore, as against Rs 246 crore in a year ago period," the company said in a filing to the stock exchanges.

The stock has declined 36% from Rs 66.75 on August 12, 2011 till date. A combined 76,905 shares have changed hands on the counter so far and there are pending sell orders for 490,996 shares on the NSE and the BSE.