India's Sun TV jumps over 3% on 'compelling' valuations, ad revenue recovery

Sun TV Network

22/05/2023 11:03

** Shares of Sun TV Network Ltd  SUTV.NS  rise as much as
3.71% to 441.70 rupees
    ** Uptick despite the television broadcaster reporting 7%
Y/Y fall in consolidated net profit tax in March quarter
    ** Motilal Oswal reiterates "buy", citing gains from
recovery in ad revenue segment, easing inflationary pressures
    ** Favourable valuations for IPL team makes the stock's
valuation compelling, adds Motilal
    ** Kotak Institutional Equities upgrades SUTV to "buy" from
"add", citing stable viewership share and outperformance over
Zee Entertainment Enterprises Ltd  ZEE.NS  on ad revenue growth
in past seven quarters
    ** SUTV's underlying cash generation remains solid, adds
Kotak
    ** Trading volume is 639,043 shares as of 3:23 p.m. IST,
1.5x the 30-day avg - Refinitiv data
    ** Of 17 analysts tracking SUTV, 12 maintain "buy", one
suggests "sell" and four recommend "hold"; median TP is 555
rupees 
    

     ($1 = 81.7800 Indian rupees)
    
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))