Buy Sun TV, target price Rs 550: IIFL

Buy Sun TV, target price Rs 550:  IIFL

IIFL has buy call on Sun TV Network with a target price of Rs 550. The current market price of Sun TV Network Ltd. is Rs 517.9.

Sun TV Network Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 20480.58 Crore) operating in Media & Entertainment sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 768.69 Crore, up 25.70 % from last quarter Sales of Rs 611.51 Crore and down -6.88 % from last year same quarter Sales of Rs 825.52 Crore Company reported net profit after tax of Rs 342.43 Crore in latest quarter.

Investment Rationale
Stock has given an inverse head & shoulder breakout on the weekly chart.

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of June 30, 2020, while FIIs held 10.3 per cent, DIIs 6.76 per cent and public and others 7.92 per cent.

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