India's Sun TV Network hits 5-year high after Sept-qtr profit rise

Sun TV Network

13/11/2023 06:27

** Shares of Sun TV Network  SUTV.NS  rise as much as 3.6%
to 674.5 rupees, highest since Nov. 2, 2018
    ** Stock climbed 4.1% in special "muhurat" trading session
on Sunday
    ** Co's Sept-qtr consol net profit up 14.3% YoY; revenue
jumps 26.9%
    ** Revenue from regional movie 'Jailer' propped growth -
Elara Capital
    ** Brokerage sees co posting 5% ad revenue growth in 2H
FY24, citing likely shift in spends to sports 
    ** Adds, subscription revenue growth was healthy, led by
price hikes
    ** Nearly 1.5 mln shares change hands as of 11:43 a.m. IST,
1.1X the 30-day moving avg
    ** Mean rating of 16 analysts "buy"; median PT 610 rupees -
LSEG data
    ** Stock up ~38%, as of last close

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))