Sun TV Network rose 10.90% to Rs 416.50 at 9:47 IST on BSE on reports promoters selling out of SpiceJet removes concerns they will use Sun TV Network's cash flows to fund the cash-strapped low-cost airliner.
Meanwhile, the BSE Sensex was down 34.98 points, or 0.12%, to 28,040.57.
On BSE, so far 2.76 lakh shares were traded in the counter, compared with an average volume of 96,343 shares in the past one quarter.
The stock hit a high of Rs 423.90 and a low of Rs 382.80 so far during the day. The stock hit a 52-week high of Rs 488 on 9 June 2014. The stock hit a 52-week low of Rs 298.55 on 20 October 2014.
The stock had outperformed the market over the past one month till 15 January 2015, rising 7.56% compared with 2.77% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 22.13% as against Sensex's 6.55% rise.
The large-cap company has an equity capital of Rs 197.04 crore. Face value per share is Rs 5.
Media baron Kalanithi Maran has decided to give up his majority ownership and management control of budget carrier SpiceJet to its co-founder and former co-promoter Ajay Singh.
SpiceJet after market hours yesterday, 15 January 2015, announced that its board of directors at a meeting held yesterday, 15 January 2015, inter-alia, taken on record the proposal of the principal shareholder and promoter, Kalanithi Maran and KAL Airways to transfer the ownership, management and control of the company to Ajay Singh pursuant to a scheme of reconstruction and revival for the takeover of ownership, management and control of the company to be filed before the Ministry of Civil Aviation, Government of India. The board has further directed the company to take further steps to implement and undertake all necessary steps in this regard.
Net profit of Sun TV Network declined 8.68% to Rs 154.47 crore on 9.14% rise in net sales to Rs 509.02 crore in Q2 September 2014 over Q2 September 2013.
Sun TV Network is India's largest television network with Thirty Two TV channels and Forty Five FM Radio stations in several Indian languages.
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