India's Sun TV set for worst day in 21 months on downbeat Q1 results

Sun TV Network

12/08/2024 06:51

** Shares of Sun TV Network  SUTV.NS  sheds ~9% to 834.90
rupees, set for worst day since November 2022
    ** Stock top pct loser on Nifty media index  .NIFTYMED 
which is down 1.1%
    ** Broadcaster reports 5.5% drop in Q1 profit after tax; rev
down ~3%, due to declining ad spends and subscription revenue
    ** Analysts at Kotak flag risks to SUTV from rising
popularity from OTT and consolidation in media and entertainment
industry
    ** Brokerage double downgrades stock to "sell" from "add",
Sun TV's second "sell" rating per LSEG 
    ** However, avg rating on SUTV remains a "buy" vs "hold" for
rival Zee Entertainment  ZEE.NS  - LSEG
    ** Despite session losses, SUTV up 18% YTD while ZEE down
50%; media index down 13% YTD

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))