Shares of Sun TV Network soared over 6 per cent, after the Madras High Court issued an interim order allowing Sun Group to participate in the Phase-III auction process of FM radio.
Reacting to the news, shares of the company climbed 6.02 per cent to settle at Rs 273.90 on BSE. During the day, it surged 7.99 per cent to Rs. 279.
At the NSE, the stock gained 6.23 per cent to end at Rs. 274.15.
The company’s market value went up by Rs. 612.98 crore to Rs. 10,793.98 crore.
On the volume front, 5.55 lakh shares of the company changed hands at BSE and over 41 lakh shares were traded at the NSE during the day.
“Shares of Sun TV rallied more than 7 per cent in the day, after the Madras High Court issued an interim order, which would allow the group to participate in the phase-III auction of FM radio,” said Achin Goel, Head Wealth Management and Financial Planning.
Justice M. Sathyanarayanan, who passed the order, said the results of the auction should be kept in a sealed cover, till further orders.
The judge also said the decision is subject to the result of the main writ petition filed by the group, seeking a direction to quash the order passed by the Information and Broadcasting Ministry.
The Ministry had earlier disallowed the group from taking part in the auction process, on the basis of absence of security clearance from the Union Home Ministry.
