Sun TV Network share price surged 10 per cent on Tuesday after various exit polls showed that DMK is set to regain power in Tamil Nadu Assembly Elections.
The Exit poll results were released at the end of the polling in Tamil Nadu, counting of votes for which will take place on May 19.
The Chennai-based company, Sun TV, is owned by Kalanithi Maran, the grandnephew of DMK President M Karunanidhi.
Chandan Taparia, analyst, Anand Rathi Financial Services said, “Attractive valuation of Sun TV Network coupled with the expectation of DMK victory in Tamil Nadu supported the shares of the company in today’s trade. We believe the share price of the company can touch Rs 445 in the next 10-15 days.”
On Monday, shares of Sun TV were trading with price-to-earnings ratio (P/E) of 18.58 against industry P/E ratio of 33.05.
The share price of Sun TV Network closed 9.76 per cent up at Rs 431.65 on BSE. On NSE, the scrip closed 10.39 per cent up at Rs 435.
In the past one year, the share price of Sun TV Networks surged 8.38 per cent to Rs 393.25 on May 16, whereas BSE Sensex slid 7.35 per cent during the same period.