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Sun TV jumps after brokerage upgrade

Capital Market 

Network rose 4.96% to Rs 885.50 at 10:57 on after a foreign brokerage reportedly upgraded its rating on the stock to 'buy' from 'sell' and raised the target price of the stock to Rs 1,015 from Rs 661 earlier.

Meanwhile, the S&P Sensex was up 82.17 points, or 0.28% to 29,418.74.

On the BSE, 2.57 lakh shares were traded in the counter so far, compared with average daily volumes of 2.08 lakh shares in the past one quarter. The stock had hit a high of Rs 895.80 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 860.40 so far during the day. The stock hit a 52-week low of Rs 334 on 24 June 2016.

The stock had outperformed the market over the past one month till 19 April 2017, rising 11.48% compared with 0.50% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.30% as against Sensex's 7.43% rise.

The large-cap company has equity capital of Rs 197.04 crore. Face value per share is Rs 5.

Network's net profit rose 11% to Rs 240.09 crore on 2.8% growth in net sales to Rs 589.43 crore in Q3 December 2016 over Q3 December 2015.

Network is one of the largest television broadcasters in India, operating thirty-two TV channels and forty-five FM Radio stations in several Indian languages.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 20 2017. 11:00 IST