Sun TV stock surges 10% after Q3 profit rises 15%
Sun TV today surged 10 percent after it reported 15.25 percent increase in net profit for the third quarter ended 31 December.
Mumbai: Stocks of Sun TV today surged 10 percent after it reported 15.25 percent increase in net profit for the third quarter ended 31 December.The stock ended the day 9.02 percent higher at Rs 416.55 on the BSE. During the day, it soared 9.91 per cent to Rs 420.
At the NSE, it settled with a sharp gain of 10.06 percent at Rs 419.40.
Led by the sharp rally in the stock, the company's market capitalisation moved up by Rs 1,358.59 crore to Rs 16,415.59 crore.
Sun TV had on Friday reported 15.25 per cent increase in net profit at Rs 214.13 crore for the third quarter ended 31 December, on account of lower expenses.
The company had reported net profit of Rs 185.79 crore for the October-December period in 2013-14.
Income from operations of the Kalanidhi Maran-owned Sun TV Network in the quarter under review increased to Rs 552.44 crore, up 8.67 percent from Rs 508.34 crore in the year-ago period, the company had said in a filing to the BSE.
Its overall expenses stood at Rs 249.78 crore, up 3.05 percent, compared with Rs 242.38 crore a year ago.
SUN TV Network have won the Hyderabad franchise for an amount of Rs 85.05 crores per year.
A team of Central crime branch police officials arrested C Praveen, Chief Operating officer of Sun TV Network, from his home.
The Central Information Commission has directed the Information and Broadcasting Ministry to make public the stake of Kalanithi Maran in Sun TV, on a case fought by Vinod K Jose, The Caravan magazine's Deputy Editor.<br /><br />