Broadcast services provider Sun TV Network Ltd falls as much as 6.3 per cent to Rs 621.55, in its biggest intraday fall since September 21
The company's September-quarter profit jumped 23.4 per cent to Rs 351 crore, with subscription revenue up over 21 per cent.
Advertising revenue grew only 3 per cent, hurt by Kerala floods, timing of the festival season and impact from the death of a former chief minister of the state.
According to Citi analysts, the loss of market shares does seem to have an impact on the effective rate increases, as management targets early teens ad growth in H2.
Citi maintains “buy” rating with a price target of Rs 830.
“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 miillion shares change hands, 1.3 times their 30-day avg of 1.5 million shares
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