In a remarkable feat, the shares of Sun TV Network shot up by more than 5 percent on Wednesday, reaching a 52-week high of ₹572.45 on the National Stock Exchange (NSE). This surge comes as the South India-based broadcaster and film production company announced its highest net profit in over 10 quarters at ₹592 crore for Q1FY24.
A significant contributing factor to the surge in Sun TV Network’s shares is the massive success of Rajinikanth’s latest film, Jailer, which was bankrolled by Sun Pictures, the film production arm of Sun TV Network. In just two weeks, the movie has crossed the ₹500 crore mark in box office collections worldwide. This outstanding achievement has fueled expectations of higher revenues from the movie production business in the current quarter.
The enormous popularity and phenomenal box office performance of Jailer have undoubtedly played a pivotal role in boosting investor confidence in Sun TV Network. With such a substantial increase in net profit and the record-breaking collection of Jailer, investors can anticipate a positive future for the company’s film production division.
Sun TV Network’s rising shares indicate a promising upward trajectory, signaling the potential for further growth and success in the entertainment industry. As the audience eagerly awaits more cinematic masterpieces from Sun Pictures, the company is well-positioned to capitalize on its film production business and further enhance its profitability.