Sun TV up 6% on buzz MHA may review security clearance order

Shares of Sun TV Network settled with nearly 6 per cent gains today on reports that Home Ministry may review its decision to withdraw security clearance given to 33 channels of the company.
The stock surged 5.82 per cent to end at Rs 303.80 on the BSE. During the day, it zoomed 12 per cent to Rs 321.60.
At the NSE, shares of Sun TV settled at Rs 303.75, up 5.83 per cent from its previous close.
The company's market value rose by Rs 658.29 crore to Rs 11,972.29 crore.
On the volume front, 8 lakh shares of the company changed hands at the BSE and over 50 lakh shares were traded at the NSE during the day.

"Sun TV rallied 12 per cent during the day after market news that the Home Ministry may review its decision to withdraw security clearance to 33 channels of the group," said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio Ltd.

The Home Ministry had on Friday hinted that it 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.
Sources said that the security clearance to Sun TV Network was withdrawn due to a probe against promoter Kalanithi Maran and his brother and former Union Minister Dayanidhi Maran, who were facing a CBI probe over alleged allotment of 300 high-speed BSNL telephone lines to their installations.

There are two other pending criminal probes against Sun TV Network and Kalanithi Maran - CBI's Aircel-Maxis case and an Enforcement Directorate case of money laundering.
The Home Ministry had earlier struck down an Information and Broadcasting Ministry's proposal for giving security clearance to the 33 channels, a move that could lead to cancellation of their broadcasting licence.
In the broader market, the BSE 30-share Sensex ended 161.25 points up to settle at 26,586.55.