Sun TV Network advanced 2.39% at Rs 270.30 at 12:28 IST on BSE, extending Tuesday's gain triggered after the company concluded an agreement with the Tamil Nadu Arasu Cable TV Corporation.
Meanwhile, the BSE Sensex was up 15.72 points or 0.09% to 17,251.90
On BSE, 1.99 lakh shares were traded in the counter as against an average daily volume of 2.07 lakh shares in the past one quarter.
The stock hit a high of Rs 274.60 and a low of Rs 265.70 so far during the day. The stock had hit a 52-week high of Rs 343 on 10 February 2012. The stock had hit a 52-week low of Rs 176.75 on 27 July 2012.
The large-cap had underperformed the market over the past one month till 31 July 2012, falling 12.57% compared with the Sensex's 1.11% fall. The scrip also underperformed the market in past one quarter, sliding 7.81% as against Sensex's 0.48% decline.
The media firm has an equity capital of Rs 197.04 crore. Face value per share is Rs 5.
The Sun TV Network stock rose 4.4% in two trading days from Rs 258.90 on 30 July 2012 after the company said during market hours on Tuesday, 31 July 2012 it has concluded signing an agreement with Tamil Nadu Arasu Cable TV Corporation, an undertaking owned by the Government of Tamil Nadu engaged in the business of providing signals to cable operators in the state of Tamil Nadu.
Sun TV Network said the agreement will enable the total availability of the company's channels on all cable TV distribution systems run by Arasu Cable across the state of Tamil Nadu with immediate effect. Sun TV already enjoys a dominant market share in terms of viewership ratings and the new arrangement will facilitate in further enhancing the competitive positioning of the company's extremely popular programming, the company added.
Sun TV Network said it will also now start earning additional subscription revenues from Tamil Nadu.
Sun TV Network's net profit fell 23.7% to Rs 159.03 crore on 7.3% decline in net sales to Rs 427.01 crore in Q4 March 2012 over Q4 March 2011.
Sun TV Network offers satellite television channels across four languages of Tamil, Telugu, Kannada, Malayalam. It also airs FM radio stations across India.
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