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Midcap Media Stock Declares 75% Interim Dividend, Fixed Record Date, "Hold" Says ICICI Direct

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Sun TV Network Ltd., a midcap Media sector stock, at its meeting held on 3rd February 2023, declared an Interim Dividend of Rs 3.75/- equity share. In January 023, the stock declare the Record Date for the Declared Interim Dividend. Leading brokerage firm ICICI Direct today published a report on the stock, where the brokerage recommends "Hold" the stock for a target price of Rs 460 apiece. The company is engaged in producing and broadcasting satellite television and radio software programming in the regional languages of South India. It has a market capitalisation of Rs 18,072.72 crore. Below are details:

 

Sun TV Network Limited Stock performance and Dividend History

Sun TV Network Limited Stock performance and Dividend History

The stock of Sun TV Network is currently trading at Rs 456.50 apiece on NSE, up 2.26% from the previous close of Rs 446.40 apiece. The stock has given 1.87% in the past 1 week. However, in the past 1 month, it has fallen 4.46% and in 3 months 17.05%, respectively. In the past 1 year, it has fallen 9.28%. In 3 years it has fallen 6.37% and in 5 years it has fallen 51%.

The stock hits the 52-week high on 10 November 2022 at Rs 568.50 apiece and the 52-week low on 23 June 2022 at Rs 402.55 apiece, respectively. Since September 2006, the stock has declared 52 dividends, which include 9 Finale Dividends and 43 Interim Dividends.

 

Sun TV Network Ltd declares 75% Interim Dividend
 

Sun TV Network Ltd declares 75% Interim Dividend

According to the regulatory filing by the Board of Directors of Sun TV Network Ltd. on 3rd February 2023, "An Interim Dividend of Rs.3.75/- per equity share of Rs.5/- each (i.e. 75%) for the financial year 2022-23 has been declared."

Earlier on 31st January 2023, the Board of Directors fixed the Record Date for Interim Dividend. The company in its Regulatory filing has said, "This is to inform you that Monday, 13th February, 2023 shall be the Record Date for the Interim Dividend if any, declared at the Board Meeting to be held on Friday, 3rd February, 2023. The Payment Date for the Interim Dividend if any, declared shall commence on and from Tuesday, 21st February, 2023."

ICICI Direct recommends

ICICI Direct recommends "Hold" the stock

Sun TV's share price has underperformed with a decline of ~54% over past five years, owing to viewership market share loss. "We maintain our HOLD rating. Pushing back of OTT content spending remains a key concern while film's content spending will create volatility in earnings. We also await management outlook/commentary on content strategy, growth outlook and capital allocation ahead, which restricts us from turning constructive, despite lucrative valuations. We value at revised TP of Rs 460 i.e., 9x FY25E P/E," the brokerage has said.

Disclaimer

Disclaimer

The stock has been picked from the brokerage report of ICICI Direct. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.

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