Siti Networks gallops after large bulk deal

Siti Networks jumped 10.9% to Rs 31.40 at 11:35 IST on BSE after a large bulk deal of 1.77 crore shares was executed on the scrip at Rs 29 per share in early trade on BSE.

Meanwhile, the S&P BSE Sensex was down 57 points or 0.18% at 31,156.36. The BSE Small-Cap index was up 60.47 points or 0.39% at 15,533.02.

Bulk deal boosted volume on the scrip. On the BSE, 1.77 crore shares were traded on the counter so far as against average daily volumes of 8.59 lakh shares in the past one quarter. The stock had hit a high of Rs 32 and a low of Rs 28.50 so far during the day. The stock had hit a 52-week high of Rs 41.35 on 20 December 2016. The stock had hit a 52-week low of Rs 26.15 on 6 June 2017.

The stock had underperformed the market over the past one month till 8 June 2017, falling 10.87% compared with 3.19% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 25.23% as against Sensex's 7.83% rise. The scrip had also underperformed the market in past one year, sliding 24.93% as against Sensex's 16.63% rise.

The small-cap company has equity capital of Rs 87.21 crore. Face value per share is Re 1.

On a consolidated basis, Siti Networks reported net loss of Rs 64.92 crore in Q4 March 2017, higher than net loss of Rs 1.47 crore in Q4 March 2016. Net sales fell 3.95% to Rs 325.52 crore in Q4 March 2017 over Q4 March 2016.

Siti Networks is one of India's largest multi system operator (MSO). The company provides its cable services in India's 250 plus cities and the adjoining areas.

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