Sun TV Share Price Hit 52-Week High Following ₹280 Crore Deal

On July 11, a significant transaction involving 1% equity of Sun TV Network, worth ₹280 crore, resulted in the company’s shares rising by 3.5% to a 52-week high of ₹808.45. Approximately 36 lakh shares were traded at an average price of ₹778 each, representing a slight discount compared to the previous closing price of ₹780.60.

At 12:52 PM IST, Sun TV Network share price were trading at ₹802.70 on the NSE. The large deal also led to a surge in trading volumes, with 48 lakh shares exchanged, far exceeding the one-month daily average of 17 lakh shares.

Additionally, Sun TV shares have experienced strong buying interest over the past three months, climbing over 27%. This positive sentiment is largely attributed to the company's promising growth prospects, bolstered by its ownership of the IPL franchise, Sunrisers Hyderabad.

Recent rumors suggested that the company’s promoters, Kalanithi Maran and Kaveri Kalanithi, were planning to sell their stake in Sun TV. However, at the company’s 30th annual general meeting on July 5, Chief Financial Officer SL Narayanan dismissed these rumors, stating, "Promoters will not cash out or exit Sun TV."

Sun TV Network Limited, an India-based television broadcaster, operates within the Media and Entertainment segment. The company runs satellite television channels in six languages: Tamil, Telugu, Kannada, Malayalam, Bangla, and Marathi, and operates FM radio stations across India.

Sun TV also owns the SunRisers Hyderabad cricket franchise in the Indian Premier League, SunRisers Eastern Cape in Cricket South Africa's T20 League, and the digital OTT platform Sun NXT. It broadcasts 35 television channels, reaching over 140 million households in India.

Sun TV’s channels are accessible worldwide, including in the United States, Canada, Europe, Singapore, Malaysia, Sri Lanka, South Africa, Australia, and New Zealand. The company also operates 69 FM radio stations and publishes three daily newspapers—Dinakaran (a Tamil daily), Tamil Murasu (an evening Tamil daily), and six magazines. Sun TV produces its own content and acquires related rights.