Friday, July 6, 2018

RIL JioGigaFiber Effect: DEN Networks, Hathway Cable fall 6-8%, hits fresh 52-week low

Shares of cable TV service providers Den Networks and Hathway Cable continues to fall today as well after Reliance Industries launched ultra high speed fixed� line broadband services for homes and enterprises on Thursday.

Shares of Den Networks has tanked over 6 percent intrady on Friday thereby hitting a new 52-week low. Hathway Cable & Datacom is down as well close to 8 percent and has hit fresh 52-week low today as well. On the other hand, Siti Networks shares lost as much as 3 percent which had hit fresh 52-week low yesterday.

The fall in shares is due to likely impact of this new fiber broadband service on existing cable TV service providers' customer base.

Mukesh Ambani, CMD, Reliance Industries at the 41st Annual General Meeting said it has launched its ultra high speed fixed line broadband services for homes and enterprises under the brand 'JioGigaFiber'. "Fiber will redefine 24/7 emergency help for all homes across India and Jio will offer the most competitive broadband connection."

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The company launched 'Jio Giga' Router & 'Jio Giga TV' set-top box, which enabled the voice command feature on the TV as well which weighed on shares of Cable TV companies such as Hathway Cable, Den Networks as well as Siti Network.

At 11:10 hrs Den Networks was quoting at Rs 63.20, down Rs 3.35, or 5.03 percent. It has touched a 52-week low of Rs 62.20.

Hathway Cable and Datacom was quoting at Rs 18.90, down Rs 1.70, or 8.25 percent. It has touched a 52-week low of Rs 18.55.

Siti Networks was quoting at Rs 12.79, down Rs 0.58, or 4.34 percent. It has touched an intraday high of Rs 12.84 and an intraday low of Rs 12.66.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. First Published on Jul 6, 2018 11:18 am

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