Citi upgrades Dish TV to 'buy'; shares gain

Reuters Market Eye - Shares in Dish TV India Ltd gain 2.8 percent after Citigroup upgraded the stock to "buy" from "sell" and raised its target price to 77 rupees from 70 rupees.

Citigroup cites expectations for a fall in subscriber acquisition costs and an "inching up" in average revenues per user, while noting the industry is becoming more "rational" in terms of its balance sheets.

Citigroup also says Dish TV shares have under-performed rivals over the past six months.

(Reporting by Manoj Dharra)