Den Networks jumps on bargain hunting

Den Networks rose 5.97% to Rs 135.80 at 11:47 IST on BSE on bargain hunting after the stock slumped 14.08% in the preceding four trading sessions to Rs 128.15 on 8 October 2014 from a recent high of Rs 149.15 on 29 September 2014.

Meanwhile, the BSE Sensex was up 225.82 points, or 0.86%, to 26,472.61.

On BSE, so far 6.06 lakh shares were traded in the counter, compared with an average volume of 64,008 shares in the past one quarter.

The stock hit a high of Rs 139.65 and a low of Rs 130.10 so far during the day. The stock hit a 52-week high of Rs 246.15 on 2 July 2014. The stock hit a 52-week low of Rs 110.45 on 5 December 2013.

The stock had underperformed the market over the past one month till 8 October 2014, falling 24.55% compared with 3.93% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 40.70% as against Sensex's 2.60% rise.

The small-cap company has an equity capital of Rs 178.20 crore. Face value per share is Rs 10.

Shares of Den Networks plunged recently after its Chief Executive Officer (CEO) resigned with immediate effect.

Den Networks announced on 29 September 2014, that S N Sharma, CEO of the company, resigned due to personal reasons with immediate effect.

On a consolidated basis, Den Networks' net profit fell 89% to Rs 1.12 crore on 12.3% increase in net sales to Rs 298.38 crore in Q1 June 2014 over Q1 June 2013.

Den Networks is a cable TV distribution company reaching an estimated 13 million households in over 200 cities across 13 key states in India.

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