Sun TV shares gain 10% despite weak Q1 earnings

Share price of Sun TV rose 10% intra day despite the firm reporting a 33% fall in profit to Rs 257 crore against Rs 386 crore in June quarter of previous fiscal. The stock opened with a gain of 2.57% at Rs 410.50 and touched an intraday high of Rs 440.2 up 10%.

Total 8.58 lakh shares changed  hands  amounting to turnover of Rs 36.90 crore on BSE. Market cap of the firm stood at Rs 16,782 crore. Sun TV Network share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share lost 4.24% in one year and fell 3.26% in one year. In a month, the share gained 11.35%.

Sales fell to Rs 611 crore in Q1 against Rs 1131 crore in June quarter of previous fiscal, logging a fall of 46% for the firm.

Operating profit fell 41% to Rs 409.11 crore in Q1 against Rs 695 croer in corresponding period of previous fiscal. Total tax expense slipped 52 percent to Rs 95.1 crore in Q1 June 2020 over Q1 June 2019. On a standalone basis, net profit fell 26 percent to Rs 282.8 crore on a 44 percent drop in net sales to Rs 606.1 crore in Q1 June 2020 over Q1 June 2019.

Meanwhile, Sensex and Nifty ended on a bullish note amid positive global equities. Sensex ended 173 points higher at 38,050 and Nifty gained 81 points to 11,259.

Share Market Highlights: Sensex ends 173 points higher, Nifty at 11,259; Hindalco, Eicher Motors top gainers