Mumbai: Stocks of Sun TV Network surged over 11 percent Monday after the company reported 19.10 percent increase in net profit for the first quarter ended June 30.
Extending Friday's rally post earnings, shares of the company ended the day 11.22 percent higher at Rs 374.30 on the BSE. During the day, it soared 18.25 percent to Rs 398.
At the NSE, the stock rose sharply by 11 percent to end at Rs 374.
Shares of the company had gained 9 percent on Friday.
In two days, the company's market valuation rose by Rs 2,575.59 crore to Rs 14,750.59 crore.
"Shares of Sun TV soared more than 18 percent in the day after the company reported a better-than-expected growth in bottom-line," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.
Sun TV on Friday reported a 19.10 percent increase in net profit at Rs 197.28 crore for the first quarter ended June 30, 2015.
The company had reported a net profit of Rs 165.64 crore for the April-June quarter of the last year.
Income from operations of Sun TV Network in the quarter under review increased 9.07 percent to Rs 691.09 crore as against Rs 633.58 crore in the corresponding quarter last year, the company had said in a BSE filing.
During the quarter, Sun TV's advertising revenue increased 16 percent to Rs 323.89 crore.
