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Stock market today: Amid IPL business demerger buzz, Sun TV Network's share price witnessed strong buying pressure during Wednesday's deals. The Sunrisers Hyderabad IPL franchise owner company's shares today opened with an upside gap at ₹555 apiece on the NSE and witnessed strong buying since morning, hitting an intraday high of ₹663.90 apiece, which turned out to be a new 52-week high of the media stock. Sun TV Network shares are currently trading around ₹650 apiece, nearly 16% higher than yesterday's close of ₹553.25.
According to stock market experts, Sun TV Network's share price is rising following a flurry of reports about the company's plans to unlock its IPL business. They said that Sun TV has yet to make an official announcement in this regard, but the market is discounting reports of the Sun TV Network's IPL franchise demerger ahead of an official announcement. If the news comes true, Sun TV share price may go up to ₹553.25.
Speaking on the reason for skyrocketing Sun TV Network share prices, Avinash Gorakshkar, Founder of Avinash Mentor Research, said, “The stock is rising due to the rumours around the IPL franchise business demerger. The BSE exchange has sought clarification from the company and an official statement is expected to come any time.”
Gorakshkar said that the IPL franchise business demerger is a major corporate event and would have a positive impact on the stock, provided the company confirms the development.
What if the news comes true, Mahesh M Ojha, VP — Research and Business Development, said, “The stock is on the cusp of a technical breakout at ₹720. On breaking above this level on a closing basis, the stock may go up to ₹850, up 30% from the current market price, in the near term.”
Ojha advised investors to maintain a stop-loss at ₹570 and wait for the above-mentioned targets. However, he also advised Sun TV shareholders to remain vigilant about Sun TV Network's official statement regarding the IPL business unlocking move.
He predicted a big crash in Sun TV Network's share price if the company denies the news report.
Meanwhile, Sun TV has denied reports of a business demerger. The Sunrisers Hyderabad IPL franchise owner company clarified the rumour in an exchange filing today, while replying to the BSE's clarification, “The aforesaid news item is a rumour and the Company cannot comment on market rumours. We bring to your kind attention that our Company has made all the necessary disclosures pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to date, and we confirm that there is no impending material price-sensitive information/ announcement of the Company which may have a bearing on the price/ volume behaviour in the scrip.”
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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