CLSA raises target price for Dish TV India to ₹24 per share, citing cheap valuation and maintains outperform rating. The stock surges 13.50% in response to CLSA s target price revision.
Dish TV India s shareholders rejected the appointment of four directors at its extraordinary general meeting, reducing the board s effective strength to three directors. Over 71% of votes were against the appointment of Rajesh Sahni and Virender Kumar Tagra as non-executive, non-independent directors. Special resolutions for Aanchal David s nomination as an independent director and Shankar Aggarwal s reappointment as an independent director were also defeated.
The appointments will become effective on the date of receipt of the approval of the Ministry of Information and Broadcasting (MIB) or the date on which the number of directors on the board falls below the statutory minimum number of three directors, whichever is earlier.
However, Dish TV’s losses in both FY23 and FY22 were due to exceptional items amounting to Rs 1,908 crore in FY23 and Rs 2,654 crore in FY22, the company said in a statement.