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Sun TV Stock Hits 52-Week High on IPL Business Talk
30 Sep
Summary
- Sun TV shares surged nearly 16% on Wednesday.
- Reports suggest Sunrisers Hyderabad IPL franchise demerger.
- Experts predict further gains if demerger is confirmed.
Sun TV Network's stock price saw a dramatic increase on Wednesday, climbing to a new 52-week high of ₹663.90. The company's shares opened at ₹555 and experienced strong buying pressure throughout the day, trading around ₹650, a nearly 16% jump from the previous close.
Market analysts attribute this surge to unconfirmed reports about Sun TV's potential demerger of its Indian Premier League (IPL) franchise, the Sunrisers Hyderabad. While no official announcement has been made by Sun TV Network, the market appears to be anticipating this corporate event.
Experts suggest that such a demerger could significantly benefit the stock, provided it is officially confirmed. Some analysts recommend a target price of ₹553.25 with a stop-loss at ₹570, advising shareholders to remain vigilant for official statements.
However, experts also warn of a potential sharp decline in Sun TV's share price should the company deny these demerger rumors. The Bombay Stock Exchange (BSE) has reportedly sought clarification from Sun TV regarding the recent stock price movement.
