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30-Oct2012

Sun TV Network moves up on the BSE

Sun TV Network is currently trading at Rs. 316.00, up by 0.80 points or 0.25% from its previous closing of Rs. 315.20 on the BSE.

The scrip opened at Rs. 315.90 and has touched a high and low of Rs. 323.40 and Rs. 311.65 respectively. So far 92198 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 373.75 on 19-Oct-2012 and a 52 week low of Rs. 176.75 on 27-Jul-2012.

Last one week high and low of the scrip stood at Rs. 358.25 and Rs. 311.65 respectively. The current market cap of the company is Rs. 12652.09 crore.

The promoters holding in the company stood at 77.00% while Institutions and Non-Institutions held 16.29% and 6.71% respectively.

Chennai-based Sun TV Network has won the Hyderabad franchise of the Indian Premier League, which was earlier owned by Deccan Chronicle Holdings (DCHL), for Rs 85.05 crore per year. This Franchise fee is at premium of over a 100 per cent of the amount paid by DCHL for the Hyderabad Franchise in 2008.

Further, according to a press release of the Board of Control for Cricket in India (BCCI), Sun TV Network -- a Kalanidhi Maran-promoted media group -- outbids 11 cities to buy Hyderabad IPL franchise. Further, the company's bid was substantially higher than the second bid of PVP Ventures, which was Rs.69.03 crore.

BCCI had placed a base price of Rs 300 crore for the 10-year contract for the new IPL team to replace Deccan Chargers, which is almost 50% of what the BCCI charged during 2010 when Pune and Kochi came into existence.


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