Sun TV Shares Up 14% In 2 Days On License Hopes

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, July 30, 2015, 12:37 [IST]

Shares in SUN TV Network rallied another 4 per cent today after a 10 per cent rally on Wednesday on hopes that the company's license would be renewed by the government.

Reports had suggested that the government may not pursue the cancellation of the Sun TV License after the High Court permitted the company to bid in the FM auction, despite the government not allowing it to bid.

The shares of Sun TV Network were last trading at Rs 318 on sustained buying support. Earlier last month the Home Ministry had struck down an Information and Broadcasting Ministry's proposal for giving security clearance to 33 television channels of Kalanithi Maran-promoted Sun TV Network, a move that could lead to cancellation of their broadcasting licence.

The decision of the Home Ministry was believed to have been influenced by pending criminal cases against Mr. Maran and his brother and former Union Minister Dayanidhi Maran.

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