 "Sun TV Network gains on share buyback plan")
Sun TV Network has surged 9% to Rs 411 on the BSE in otherwise weak market after the company announced that its board will meet next week to consider share buyback.
“A meeting of the board of directors of the company will be held on November 05, 2015, to consider and if thought fit to approve a proposal to buy-back the fully paid-up equity shares of the company,” Sun TV Network said in a BSE filing.
Since April, the stock has underperformed the market by falling 15% as compared to 4% decline in S&P BSE Sensex till yesterday.
At 01:43 PM, the stock was up 7% at Rs 403 on the BSE against 0.24% fall in the benchmark index. A combined 2.16 million shares changed hands on the counter on the NSE and BSE.
“A meeting of the board of directors of the company will be held on November 05, 2015, to consider and if thought fit to approve a proposal to buy-back the fully paid-up equity shares of the company,” Sun TV Network said in a BSE filing.
Since April, the stock has underperformed the market by falling 15% as compared to 4% decline in S&P BSE Sensex till yesterday.
At 01:43 PM, the stock was up 7% at Rs 403 on the BSE against 0.24% fall in the benchmark index. A combined 2.16 million shares changed hands on the counter on the NSE and BSE.