Sun TV Network hits new high; stock soars 40% in one week

The stock moved higher to its record high of Rs 773, up 9.5% on the BSE in intra-day trade

Sun TV Network rallied to its record high of Rs 773, up 9.5% on the BSE in intra-day trade, extending gains for last four days.

The stock rallied 40% from Rs 552 in one week after a special court on last Thursday discharged Kalanithi Maran and his brother and former Union minister Dayanidhi Maran in the Aircel-Maxis case. The S&P BSE Sensex was up 0.30% during the same period.

Meanwhile, the board of directors of the company is schedule to meet on Friday, February 10, 2017 to approve the unaudited financial results for the quarter ended December 31, 2016 (Q3). The board will also consider declaration and payment of interim dividend if any, for the financial year 2016-17.

“We estimate Sun TV to report 4% year on year (YoY) dip in ad growth on low base of 2.2% YoY in spite of some market share gains seen in Telugu market,” analysts at Edelweiss Securities said in earning preview.

Not impacted much by demonetisation, we expect Sun TV to record subscription growth of 12% YoY, added report.

At 03:17 pm; the stock was up 6% at Rs 751 on the BSE as compared to 0.05% rise in the S&P BSE Sensex. A 8.17 million shares changed hands on the counter on the BSE and NSE.