Sun TV shares rise 7% following dividend announcement

Sun TV shares rise 7% following dividend announcement The shares of Sun TV Network rose 7 per cent after the board of directors announced an interim dividend of Rs 3.75 per share.

The shares consolidated on the gains made yesterday of about 5 per cent on the domestic share market. The broadcasting and cable TV operator said in a filing to the stock exchanges where it is listed that the new dividend is in addition to the Rs 2.50 per share that was announced by the board on August 01, 2011.

The latest interim dividend, which is 75 per cent of the face value of the share, has attracted investors in the markets. The company reported a 8 per cent rise in net profit at Rs 180 crore for the quarter of the financial year.

Sun TV Network's total turnover grew 6% to Rs 451 crore on a year-on-year basis.

As per value, a combined 150,000 shares have changed hands in the stock exchanges. The company said that it has been able to maintain a diversified mix of clients form regional, national as well as international markets in multiple product categories.

The shares of the company were trading at Rs. 284.50 on BSE. The company had announced its results after market hours on Thursday.