Sun TV shares surge after ₹280 Crore equity sale

12 Jul 2024 , 10:38 AM

On July 11, a large deal involving the sale of 1% equity of Sun TV Network was executed, valued at ₹280 crore. This transaction caused Sun TV Network shares to surge by 3.5%, reaching a 52-week high of ₹808.45.

Approximately 36 lakh shares were traded at an average price of ₹778 per share, slightly below the previous closing price of ₹780.60. The specific buyers and sellers involved in this transaction were not identified.

At the time of writing on July 12, 2024 at 10:32 am shares of Sun Tv network is trading at ₹806.30 which is a 0.67% dip than the previous close. The stock has gained a total of 64% in the last one year, and 13% since the beginning of the year.

The large deal led to a significant spike in trading volume, with 48 lakh shares changing hands, well above the one-month daily average of 17 lakh shares.

In the past three months, Sun TV shares have experienced strong buying interest, increasing over 27%.

The positive sentiment surrounding Sun TV shares is largely attributed to its promising growth prospects, bolstered by its ownership of the IPL franchise, Sunrisers Hyderabad.

Recently, there were rumors that promoters Kalanithi Maran and his wife Kaveri Kalanithi were planning to sell their holdings in Sun TV.

These rumors were dismissed by the company’s chief financial officer, SL Narayanan, during Sun TV’s 30th annual general meeting on July 5. Narayanan assured that the promoters have no plans to exit or sell their stake in Sun TV.

Sun TV is an Indian Tamil-language general entertainment pay television channel owned by Sun TV Network, launched on April 14, 1993. It is the flagship channel of the Chennai-based Sun Group’s Sun TV Network, founded and owned by Kalanithi Maran.

Sun TV began airing on an open network on July 14, 2002. The HD version of Sun TV was launched on December 11, 2011. Since its launch, Sun TV has consistently been the top-rated Tamil channel and one of the highest-rated Indian television channels.