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Shares of the domestic satellite television provider, Dish TV, zoomed nearly 11 percent in a weak market on Monday.

According to experts, the two main triggers for Dish TV in the near term would be the initial public offering (IPO) filing of Tata Group’s direct broadcast satellite services, Tata Play, and Dish TV’s largest shareholder Yes Bank on the hunt for potential buyers.

Following a change in the direct-to-home (DTH) provider’s leadership, seasoned investors have picked stakes in the company. Dish TV was locked in a legal tussle with Yes Bank, which pushed for a board overhaul of the company.

Dish TV Chairman Jawahar Lal Goel resigned from the position on September 19, 2022, after over 75 percent of shareholders of the company voted against the reappointment of Goel as the Managing Director.

According to a Mint report, top investors recently invested in Dish TV. Family members of Amal Parikh, founder of Mumbai-based Ohm Stock Broker, and one of the three trustees of Rare Enterprises, picked a 0.65 percent stake in Dish TV as of September 30.

Mukul Mahavir Agrawal owned a 1.36 stake at the end of the September quarter while Alchemy Cap, a portfolio management service that counts the late Rakesh Jhunjhunwala as a founder, accounted for 0.54 percent stake.

According to the latest shareholding pattern of Dish TV, domestic institutional investors raised their shareholding from 26.6 percent in the June quarter to 33.2 percent in the September quarter.

The country’s third largest satellite TV provider’s consolidated net profit declined to Rs 22.08 crore in the June quarter total income fell 16.68% on a YoY basis to Rs 601.7 crore versus Rs 722.12 crore in the year-ago period.

Shares of Dish TV ended 6.8 percent higher at Rs 17.45.