Sun TV strongly denies any role in 2G scam

Sun TV has strongly denied any role in the 2G scam. Speaking to CNBC-TV18, Sun TV CFO VC Unnikrishnan said neither Sun TV nor Kalanithi Maran have anything to do with 2G scam. 

Shares of broadcaster fell sharply on Thursday after media reports said the founder's brother, Textiles Minister Dayanidhi Maran, was named in a lawsuit related to the 2G probe.

Saying that Sun TV has no holding in Sun Direct nor there is any relation with Maxis, which has a 20% stake in Sun Direct, Unnikrishnan said Sun TV only provides channels to Sun Direct's DTH (direct to home) platform.

Sensex gains over 100 points

Equity were trading with good gains though there was some profit booking at higher levels. Anil Dhirubhai Ambani Group (ADAG), oil & gas, technology, realty, power, capital goods and select financial companies' shares were helping the markets at 10:50 hours.

However, the sell-off in HDFC, ITC, HUL, Dr Reddy's Labs and Sun Pharma pulled the Nifty marginally below 5600. ADAG companies' shares like Reliance Power, Reliance Communications, Reliance Capital and Reliance Infrastructure rallied 4-7% on short covering after 2G Trial court dismissed plea for charging Anil Ambani. These stocks had fallen quite sharply yesterday.

Fundamentally Sun TV looks attractive

Fundamentally, it looks attractive; there is no getting away from that. It is trading at 12 PE, I don’t remember Sun TV trading at these kind of multiples. Having said that, you can get a bump up in the stock because it has fallen quite a bit, 35% or so in the last few days, that is a big cut in the largecap name and it is ripe for some technical bounce.

Yesterday’s fall was clearly aggravated by the pledge shares, which are sold by IFCI. And that might have added to the delivery based pressure on the counter. These regulatory hangovers or scam hangovers can affect a stock, however good the stock might be. So, it will be a brave call to go out and buy Sun at this point and a lot of institutions may not want to do that.

Also read: Maran is history, will succumb to 2G charge, says N Ram

Timbor Home has subscribed 5.78 times

The IPO of Timbor Home, a manufacturer-retailer having a pan-India presence with more than 80 exclusive stores of kitchen, has received tremendous response from investors on last day.

The issue has subscribed 5.78 times, as per data available on NSE. It has received bids for more than 2 crore equity shares as against issue size of 36.9 lakh equity shares.

Retail investors were the leading participants in the issue. Their portion was subscribed 14.22 times, with receiving bids for more than 1.8 crore shares as against reserved portion of 12.9 lakh shares.

Nifty hits 5600

Indian equity market bounced back smartly on Friday and recovered all their yesterday's losses. The Nifty has touched the 5600 level - at three-week high. ADAG shares played a big rose - short covering pulled the markets higher.
At 9:36 hours IST, the 30-share BSE Sensex gained 156 points at 18,650 and the 50-share NSE Nifty jumped 48 points to 5,598.