Sun TV stock extends gains on Star India winning global media rights for IPL

 BT Online        Last Updated: September 6, 2017  | 11:58 IST
Sun TV stock extends gains on Star India winning global media rights for IPL

The Sun TV stock rose in Tuesday's trade after Star India won the 'global media rights' for Indian Premier League with a consolidated bid of Rs 16,347.50 crore for a period of five years.

The stock rose as much as 3.9 percent in Tuesday's trade.

Mumbai-based financial services company Edelweiss in a note said higher media and sponsorship rights will bolster revenues of Sun TV, which owns IPL cricket team Sunrisers Hyderabad.  

SunRisers Hyderabad is a franchise cricket team based in Hyderabad, Telangana. Kalanithi Maran, founder of Sun TV, is the owner of the team which was founded in 2012.

All IPL franchises are now required to pay only 20 percent of revenues. This could further benefit Sun TV Network as it earlier paid a fixed franchise fee of Rs 85.5 crore, Edelweiss added.

On Monday, the stock rose 5.33 percent to close at 805 level on the BSE after the news of Star India bagging global media rights of IPL poured in.

The Sun TV stock extended gains on Tuesday to close at 824 level, a gain of 17.20 points or 2.13 percent on the BSE.

On an year-on-year basis, the stock has gained 73.52 percent or 349.15 points on the BSE.

The stock is up 68.17 percent or 334 points since the beginning of this year.

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