Sun TV shares soar to 52-week high after Rs 280-crore deal

Sun TV shares are up 27.5 percent in the last three months.

As much as 1 percent equity of Sun TV Network was sold in a large deal worth Rs 280 crore on July 11. This sent shares of the company soaring 3.5 percent higher to 52-week high of Rs 808.45.

Around 36 lakh shares changed hands at an average of Rs 778 apiece, implying a marginal discount to the previous closing price of Rs 780.60.

Moneycontrol could not ascertain the buyers and sellers of this transaction.

At 12.52 pm, shares of Sun TV Network were trading at Rs 802.70 on the NSE. The large deal also tipped off a spike in volumes in the counter as 48 lakh shares changed hands on the exchanges so far, significantly higher than the one-month daily traded average of 17 lakh shares.

Follow our live blog for all the updates

Aside from that, shares of Sun TV have also seen strong buying action in the past three months, surging over 27 percent during the tenure. The positive sentiment around the stock largely stems from its growth prospects, which seem bright thanks to its ownership of the IPL franchise, Sunrisers Hyderabad.

Recently, rumors about the company's promoters Kalanithi Maran and his wife Kaveri Kalanithi planning to cash out their holding in Sun TV were also making rounds.

However, the company's chief financial officer, SL Narayanan rubbished those claims at the Sun TV's 30th annual general meeting on July 5. "Promoters will not cash out or exit Sun TV,” Narayanan said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.