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Sun TV shares gained the most in over 8 months on strong Q4 show. Sun TV Network Ltd rose as much as 11.7 per cent to Rs 969.90, its biggest intraday percentage gain since September 1, 2017 and highest since February 16.
The South Indian broadcaster had on Friday reported a 23 per cent growth in March-quarter profit, with advertisement revenue growing 26 per cent, and subscription revenue rising 28 per cent.
Nomura has upgraded the stock to “buy”; it has raised the target price to Rs 1,105. Progress of digitisation in Tamil Nadu, and digital deals at Rs 10-15 average revenue per user (ARPU) have improved the visibility on subscription growth in near-term, say analysts at Nomura.
Motilal Oswal expects a strong momentum in ad revenue, “led by a healthy ad outlook, a steady shift to the commission model in TN market and a consistent healthy viewership share.”
About 20 out of 25 brokerages have rated the stock “buy” or higher; their median target price is Rs 1,138.50. Up to Friday, the stock has fallen 12.3 per cent, compared with a 1.9 per cent gain in rival Zee Entertainment Enterprises Ltd and a 15.6 per cent decline in regional competitor Raj Television Network.
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