Dish TV nears 52-wk high on Jawahar Goel's resignation; zooms 92% in 1 mth

In the past one month, Dish TV has zoomed 92 per cent as compared to a 1.2 per cent decline in the S&P BSE Sensex

Shares of Dish TV India hit an over 11-month high of Rs 22.30 on Friday as the stock rallied 10 per cent on the BSE in a weak market. In the past one week, the stock has soared 46 per cent after Jawahar Lal Goel tendered his resignation from the company's board.

“Jawahar Lal Goel, Chairman and Director of the Company, vide his letter dated September 19, 2022, has tendered his resignation from the board of directors of the company and committee(s) thereof with effect from the close of business hours of September 19, 2022,” Dish TV said in an exchange filing. Meanwhile, Dish TV’s annual general meet is scheduled for Monday, September 26.

In the past one month, the stock of the TV broadcasting & software production company has zoomed 92 per cent as compared to a 1.2 per cent decline in the S&P BSE Sensex.

Today, it was trading at its highest level since September 2021 and quoted close to its 52-week high level of Rs 22.95, which was touched on September 27, 2021. At 12:38 pm; Dish TV was trading 4 per cent higher at Rs 21.19 as compared to a 1.4 per cent decline in the S&P BSE Sensex.

Dish TV India is one of the leading players in Direct-to-Home (DTH) market. The company has a strong pan-India presence across urban, rural and semi-urban regions with multiple individual brands like Dish TV, Zing and d2h under its umbrella. These brands enjoy strong brand equity with a large number of SD /HD channels and value-added services, spanning across price points.

"The presence of multiple content delivery platforms is seen as an opportunity for Dish TV. The company is actively looking beyond contemporary offerings of hybrid boxes and OTT platform ‘Watcho’ and is working towards new ways to serving both existing as well as new subscribers. With continued focus on technology, customer centricity, and a lean balance sheet and optimized cost structure, the company is in a sweet spot to tap in the emerging opportunities," Dish TV said in its FY22 annual report.

Last month, Dish TV had agreed to onboard two of Yes Bank nominees to its board and on August 30, it considered one more nominee from the lender. These included Girish Paranjpe, Arvindnachya Chandranachya and Haripriya Padmanabhan.