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Citigroup upgrades Dish TV to 'buy'; shares gain

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Shares in Dish TV India Ltd soared 2.8 per cent after Citigroup upgraded the stock to 'buy' from 'sell' and raised its target price to Rs 77 from Rs 70 apiece.

Citigroup cited expectations for a fall in subscriber acquisition costs and an "inching up" in average revenues per user, while noting the industry is becoming more "rational" in terms of its balance sheets.

Citigroup also said Dish TV shares have underperformed rivals over the past six months.

Dish TV India stock was trading at Rs 65.70 apiece at 12.50 p.m. on the Bombay Stock Exchange (BSE), down 0.53 per cent from its previous close.

Copyright @ Thomson Reuters 2013

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