India's Sun TV falls on muted Q2 ad revenue growth

Sun TV Network

05/11/2018 05:19

** Broadcast services provider Sun TV Network Ltd  SUTV.NS 
falls as much as 6.3 pct to 621.55 rupees, in its biggest
intraday pct fall since Sept 21 
    ** September-quarter profit jumped 23.4 pct to 3.51 bln
rupees ($48.19 mln), with subscription revenue up over 21 pct -
co said on Friday  urn:newsml:reuters.com:*:nFWN1XD0LQ
    ** Advertising revenue grew only 3 pct, hurt by Kerala
floods, timing of the festival season and impact from the death
of a former chief minister of the state
    ** Loss of market shares does seem to have an impact on the
effective rate increases, management targets early teens ad
growth in H2 - Citi analysts
    ** Citi maintains "buy" rating with PT of 830 rupees
    ** "Execution is the key as management is now focusing on
various investments simultaneously. The loss of market share in
TN (Tamil Nadu) has been a concern, and it has started affecting
ad growth," say Emkay Research analysts 
    ** More than 2 mln shares change hands, 1.3 times their
30-day avg of 1.5 mln shares
    ** Of the 24 brokerage covering the stock, 20 rate it "buy"
or higher, two "hold" and two "sell"; median PT 869 rupees -
Refinitiv data 

($1 = 72.8300 Indian rupees)

 ((Reuters Messaging:
tanvi.mehta.thomsonreuters.com@reuters.net))