Sun TV soars on digitisation push in Tamil Nadu

Sun TV Network rose 10.15% to Rs 768 at 15:30 IST on BSE on reports that digitisation push in Tamil Nadu could benefit the company.

Meanwhile, the S&P BSE Sensex was up 161.74 points, or 0.51% to 31,892.23.

On the BSE, 6.06 lakh shares were traded in the counter so far, compared with average daily volumes of 78,538 shares in the past one quarter. The stock had hit a high of Rs 782 and a low of Rs 700 so far during the day. The stock hit a record high of Rs 950 on 24 April 2017. The stock hit a 52-week low of Rs 435 on 2 December 2016.

The stock had underperformed the market over the past one month till 31 August 2017, falling 12.45% compared with 2.30% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.50% as against Sensex's 1.46% rise. The scrip had outperformed the market in past one year, rising 49.49% as against Sensex's 11.63% rise.

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

According to reports, Tamil Nadu Arasu Cable TV Corporation (TNACTCL) has launched its digital system from 1 September 2017.

TNACTCL, a state-government public sector undertaking of Government of Tamil Nadu, is a cable television operator across the state.

Growth in digitisation is expected to benefit the Sun TV, as a new stream of revenues is likely to give the media firm a positive momentum in the coming years, reports added.

Net profit of Sun TV Network rose 8% to Rs 251.64 crore on 3.4% rise in net sales to Rs 786.32 crore in Q1 June 2017 over Q1 June 2016.

Sun TV Network runs 32 TV channels and 45 FM Radio stations in several Indian languages.

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