Rakesh Jhunjhunwala picks up 0.7% stake in Dish TV for Rs 92.6 crore

Ace investor Rakesh Jhunjhunwala on Thursday picked up a 0.7 percent stake, or 1.3 crore shares, in digital-to-home providerDish TV.

The purchase was done through Jhunjhunwala’s firmRare Enterprises at Rs 71.30 per share, according to bulk deals data on the National Stock Exchange (NSE) website.

The total value of the block deal stands at Rs 92.69 crore.

RARE ENTERPRISES

Only last month, Dish TV reported a consolidated net profit of Rs 118.21 crore for the quarter ended March. The company had posted a net loss of Rs 29.49 crore during the corresponding quarter a year ago.

Its total income for the quarter stood at Rs 1,545.11 crore, up from Rs 732.36 crore reported for the March quarterlast year.

On March 22, Videocon D2h merged with Dish TV. As a result, its results for the March quarter, which included those ofVideocon D2h, are not comparable on a year-on-year basis.

“Financial numbers for the fourth quarter and fiscal 2018 are thus not comparable with the corresponding periods of the last year,” the company had said in a statement.

The stock has fallen a little over 12 percent in the last one month. It ended Wednesday at Rs 73.4 on BSE.
First Published on Jun 13, 2018 10:09 pm