Sun TV rose 4.72% to Rs 300.65 at 11:41 IST on BSE on reports that hinted that Home Ministry may review its decision to withdraw security clearance given to 33 channels of the company.
Meanwhile, the BSE Sensex was up 156.17 points, or 0.59%, to 26,581.47.
On BSE, so far 5.71 lakh shares were traded in the counter, compared with an average volume of 1.13 lakh shares in the past one quarter.
The stock hit a high of Rs 321.60 and a low of Rs 293 so far during the day. The stock hit a 52-week high of Rs 476 on 7 July 2014. The stock hit a 52-week low of Rs 258 on 8 June 2015.
The stock had underperformed the market over the past one month till 12 June 2015, falling 19.53% compared with 1.68% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 31.20% as against Sensex's 8.66% fall.
The large-cap company has an equity capital of Rs 197.04 crore. Face value per share is Rs 5.
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According to media reports, Home Ministry may review its decision to withdraw security clearance given to 33 channels of Sun TV Network if a sound legal opinion could satisfy it that the grounds under which the permission was denied were not satisfactory.
Earlier media reports suggested that Sun TV Network had applied to Information and Broadcasting Ministry (I&B) Ministry for renewing its broadcasting licence for 10 years, which required security clearance from the Home Ministry. The security clearance to Sun TV Network was reportedly withdrawn due to pending criminal cases against Sun TV promoter Kalanithi Maran and his brother and former Union Minister Dayanidhi Maran.
However, with reference to the news captioned "MHA denies clearance to Sun TV channels, may go off air", Sun TV Network clarified to the stock exchanges on 8 June 2015, that no communication was received by the company in this regard from any Ministry and all its channels continue to be on air.
Earlier on 1 April 2015, the Enforcement Directorate (ED) attached properties and shares worth Rs 742.58 crore of Sun TV promoter Kalanithi Maran, his wife Kaveri Kalanithi and his brother Dayanidhi Maran related to the Aircel-Maxis case.
The properties attached include Kalanithi Maran's shares worth Rs 139 crore in Sun Direct TV, free hold land and building owned by Sun Network TV worth Rs 266 crore, land and building owned by Kal Comm worth Rs 171.55 crore, fixed deposit held by Kalanithi Maran of Rs 100 crore, fixed deposit held by South Asia FM Ltd worth Rs 31.34 crore, fixed deposits held by Dayanidhi Maran and others for Rs 7.47 crore and fixed deposits and mutual funds held by Kaveri Kalanithi worth Rs 1.30 crore and Rs 1.78 crore each, report added.
In 2011, the Central Bureau of Investigation (CBI) in its chargesheet had noted that Dayanidhi Maran, when he was the telecom minister between 2004 and 2007, had entered into a criminal conspiracy against C Sivasankaran of Aircel and stalled approvals for spectrum licences to Aircel Ltd only to force him to sell his company to Malaysia's Maxis Communication which later invested in Maran's Sun Network group. The agency also alleged that the Rs 629-crore investment by Maxis in the Sun Network was part of the Rs 742 crore quid pro quo the Marans received for the Aircel deal.
Sun TV Network's net profit rose 2.7% to Rs 202.99 crore on 7.3% rise in total income to Rs 572.02 crore in Q4 March 2015 over Q4 March 2014.
Sun TV Network had its humble beginnings in 'Poomalai' - a monthly video magazine. Today, it grew upto India's largest television network which, power packed Thirty Two TV channels and Forty Five FM Radio stations in several Indian languages in infotainment covering movies, entertainment, music, documentary and news, each carries its own distinctive content and brand personality while collectively providing audiences a range of choice.
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