Friday, September 16, 2016

Preferential issue: As board decides Den Network spurts 10%

NEW DELHI: Den Network shares saw a 10 % discharge in Friday's trade after the company said the board 
members would review & approve the plan for preferential issue of equity shares next Tuesday. 

Following the news, the stock surged 9.99 % to hit a higher of Rs 79.80 on BSE. At prevailing price, the scrip is trading below 14-day, 50-day and 200-day easy moving averages, data available with database Capitaline indicates. 

The company accused a net loss of Rs 57.31 cr for the June quarter, compared with a Rs 50.75 cr loss during the corresponding quarter last year. Sales for the quarter grew 23.95 % to Rs 236.97 crore from Rs 191.18 cr in the same quarter last year. 

In FY16, broadband subscribers for DEN Networks spread to 95,000 from 23,000 in FY15. For peer Hathway Cable & Datacom subscriber base pushed to 627,200 from 455,800 in FY15, and SITI Cable Network to 132,000 from 60,000, suggesting a growth in broadband penetration.

Read More- Stock Market Updates