Dish TV surges 17%, hits 52-week high on the back of heavy volumes

Dish TV shares leapfroged 17 per cent to quote at Rs 16.3 apiece, also its 52-week high, on the BSE on Wednesday on the back of heavy volume. At 10:25 am, 0.5 million equity shares changed hands on the stock exchange at a price of Rs 15.03 per share.

Till 2:20 pm, a combined 69.62 million equity shares had changed hands on the NSE and BSE. The share, meanhwile, was quoting 12.5 per cent higher at Rs 15.7 per share. In comparison, the benchmark S&P BSE Sensex was ruling nearly 350 points, or 0.75 per cent, higher at 46,365 levels. 

So far in the month of December, the stock of cable service provider has jumped nearly 38 per cent on the BSE, as against a 3 per cent gain in the benchmark Sensex. 

For July to September quarter of FY21, DishTV India Ltd reported a consolidated net profit of Rs 64.51 crore. The company had reported a net loss of Rs 96.37 crore in the July-September quarter a year ago. Its revenue from operations during the period fell 5.24 per cent to Rs 846.36 crore, compared with Rs 893.18 crore in the year-ago period.

DishTV India Group CEO Anil Dua said, "Our performance during the quarter was in line with our larger strategic decisions such as disciplined acquisition and sensible capital investment. Lower overall revenues were more than offset by our expense management measures."

Its subscription revenue stood at Rs 765.7 crore, down 3.32 per cent as against Rs 792 crore a year ago. Meanwhile, its advertisement income was Rs 8.3 crore, down 76.61 per cent as against Rs 35.5 crore in the corresponding quarter a year ago.