Dish TV extends rally, racking up 15% gains in two days

The company on September 19 said director Jawahar Lal Goel had tendered his resignation

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Shares of Dish TV continued to rally for another day on September 20 taking gains in the last two days to more than 15 percent after its director announced his resignation.

The stock traded up 5.90 percent to Rs 17.77 on BSE.

The company on September 19 said director Jawahar Lal Goel had tendered his resignation.

Goel had earlier agreed to step down ahead of the next annual general meeting on September 26. Back then also, the stock had seen heavy demand. Earlier in June, over three-fourths of shareholders voted against the reappointment of Goel as managing director of the board at the extraordinary general meeting.

The resignation of Goel culminates Yes Bank’s year-long campaign against Dish TV promoters. YES Bank now owns a 25 percent stake in Dish TV and has been seeking the ouster of the promoter family Essel Group.

In the June quarter, the company reported a revenue of Rs 31.38 crore and net profit at Rs 23.80 crore. Its operating margin was at 46.86 percent and net profit margin at 7.58 percent.

Year to date the stock is flat.

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