Zero-Debt: High Promoter Holding Stock Declares Interim Dividend; Buy?

A significant player in the consumer discretionary industry is Sun Tv Network Ltd. Chennai, Tamil Nadu, India is home to the corporate headquarters of the Indian media giant Sun TV Network. It is one of the largest TV networks in Asia and a subsidiary of the Sun Group. Financial results for the quarter ending December 31, 2023, and an interim 50% dividend for FY24 have been announced by the debt-free corporation.

Sun TV Network Dividend

"The Board of Directors have declared an interim dividend of Rs.2.50 per share (50%} at their meeting held on February 14, 2024. This is in addition to the interim dividends of Rs. 6.25 per share (125%) and Rs.5.00 per share (100%) declared at their meetings held on August 11, 2023 and November 10, 2023, respectively," said the company in a stock exchange filing.

Sun TV Network Financials

The company reported that its sales were up 3.26 per cent at Rs. 885.48 crores for the quarter ended 31st December 2023 as against Rs. 857.51 crores for the quarter ended December 31st, 2022, and its total income was up 6.63 per cent at Rs. 1,014.81 crs for the quarter ended December 3, 2023, as opposed to Rs. 951.71 crs for the corresponding quarter ended December 31, 2022. The firm reports that its net profit climbed to Rs. 437.34 crores in Q3FY24 from Rs. 416.32 crores in Q3FY23, a 5.05 per cent growth.

Sun TV Network Share Price Target

Sun TV stock price looks bullish on the Daily charts with strong resistance now at 640. A daily close above this resistance could lead to a target of 678 in the near term. Support will be at 614.85, said AR Ramachandran from Tips2trades.

Sun TV Network Shareholding Pattern

The company reported promoters' shareholding of 75.00%, FIIs stake of 9.01%, DIIs stake of 6.59% and public stake of 9.40% in Q3FY24. The promoter stake of Sun TV Network at the current level is higher than its peers such as Zee Entertainment Enterprises, PVR Inox, TV18 Broadcast, Saregama India, Tips Industries and Dish TV India.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.