Sun TV jumps on Red FM stake buy

DALALS TREET SPIKES

Sun TV gained nearly 6 per cent from Rs 311.95 to Rs 330.25 after touching an intraday high of Rs 348.65. A shade less than five lakh shares were traded on the counter.

The surge followed the company's announcement of acquiring a 48.9 per cent stake in Red FM, one of the key FM broadcasters in the north, west and east Indian markets.

The transaction has been carried out by Sun TV's subsidiary South Asia FM, which owns 23 FM radio licenses across India (except Tamil Nadu, Karnataka, Andhra Pradesh and Kerala), and has two operational radio stations in Jaipur and Bhubaneswar.