Rakesh Jhunjhunwala taps Dish TV? Share price rallies 5%, trading volumes surge to multi-year highs

Shares of direct-to-home television operator Dish TV rallied more than 5% in the mid-morning deals on Wednesday with trading volumes surging to multi-year highs on reports of ace investor Rakesh Jhunjhunwala picking up a considerable chunk in a block deal executed today. According to the data available with National Stock Exchange (NSE), the stock Dish TV emerged as the most traded scrip among all the listed shares on Wednesday. A series of block deals were also seen in the shares of Dish TV on both BSE and NSE in the early session on Wednesday.

According to an ET Now report, India’s legendary investor Rakesh Jhunjhunwala, East Bridge Capital & Ohm Group are the likely buyers in the Dish TV shares block deal. In the so-called block deal, the stock of Dish TV was exchanged at Rs 71.25 per share, ET Now reported citing unidentified sources, further, HDFC Mutual Fund is the likely sellar in the block deal, the report added.

The stock of Dish TV zoomed as much as 5.09% to a day’s top of Rs 76.45 on NSE, similarly, the stock advanced 5.09% to a day’s high of Rs 76.35 on BSE on Wednesday, 13 June 2018. Following the sharp rise in the share prices, the market capitalisation of Dish TV went up by Rs 680 crore. At today’s high share price, Dish TV held a market capitalisation of Rs 14,058 crore versus a market capitalisation of Rs 13,377 crore as on Tuesday’s closing price of Rs 72.65 on BSE.

Up until 1:22 pm, over 5.82 crore equity shares exchanged hands on both NSE and BSE with about 5.95 crore equity shares being traded on NSE alone, exchange data showed. In terms of value traded, Dish TV stock was among the top 10 turnovers on NSE on Wednesday.

At the time of writing, the S&P BSE Sensex was trading up 0.35% at 35,817.38 whereas NSE Nifty 50 index was trading 0.27% higher at 10,872.4. Shares of Redington (India), PC Jeweller and Delta Corp were the top three gainers while shares of Idea, MMTC and Central Bank of India were the top three laggards among the ‘A’ group of BSE on Wednesday.

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