Mumbai: Shares of broadcasting firm Sun TV Network surged by nearly 7 per cent in morning trade on the bourses on Friday after the company reported an 8 per cent rise in consolidated net profit for the September quarter.
In the last two days, the stock has gained over 12 per cent. Sun TV was on an uptrend on Friday ahead of its second quarter results and today, the market cheered the 8 per cent rise in its Q2 consolidated net profit to Rs 180.12 crore.
Shares of the company opened on a strong note and then rallied by 6.93 per cent to a high of Rs 292.30 on the BSE.
Similar movement was witnessed on the National Stock Exchange, where the stock -- after opening at Rs 276 -- jumped
by 6.73 per cent to an early high of Rs 292.25.
Marketmen said the stock extended the previous day gain of 5 per cent on robust earnings and declaration of a second interim dividend of Rs 3.75 per equity share of Rs 5 each (75 per cent) for the 2011-12 financial year.
This is in addition to the interim dividend of Rs 2.50 per share (50 per cent) declared earlier.
The stock pared some of the initial gains in later trade and was trading 5.43 per cent higher at Rs 288.20 on the BSE and was up 5.15 per cent at Rs 287.90 on the NSE at 1114 hours.
Sun TV's consolidated net profit increased by 8 per cent to Rs 180.12 crore for the quarter ended September 30, 2011, from Rs 167.44 crore in the corresponding period last fiscal.
The company's total income increased by 8.26 per cent to Rs 469.88 crore in the second quarter this fiscal from Rs 434.03 crore in the same period last year.
Sun TV operates 21 TV channels in four languages -- Tamil, Telugu, Malayalam and Kannada -- and airs 43 FM stations across India.