Sun TV surges 8% after AG nod on grant of security clearance

The I&B ministry issues broadcasting licences for which companies require a security nod from MHA.

FP Archives|Aug 28, 2015, 14:34:15 IST

Mumbai: Shares of Sun TV Network soared almost 8 percent today after Attorney General (AG) Mukul Rohatgi supported grant of security clearance to 33 channels of the Kalanithi Maran-promoted firm.[caption id="attachment_2284420" align="alignleft" width="380"] The Sun TV logo. Reuters[/caption]Following this, the stock jumped 7.86 percent to settle at Rs 333.55 on BSE. In intra-day, it surged 10.68 percent to Rs 342.30.On NSE, it climbed 7.88 percent to Rs 333.90.The company's market value rose Rs 957.69 crore to Rs 13,144.69 crore.The AG has supported grant of security clearance, saying the corruption cases being investigated against the network's promoter cannot be the ground to deny permission.The information and broadcasting ministry had recently approached the law ministry to seek the opinion of the top law officer on the issue after the Ministry of Home Affairs (MHA) denied security clearance to the network.

In his opinion, the Attorney General has said security clearance can be granted as agencies are probing cases related to corruption, and not security. Hence, he added, corruption cases cannot be the ground to deny security clearance.The I&B ministry issues broadcasting licences for which companies require a security nod from MHA.The ministry had earlier been informed about the decision of the home ministry denying security clearance to the TV network, which is believed to have been influenced by pending corruption cases against Maran and his brother, former Union minister Dayanidhi Maran.The 30-share Sensex today settled at 27,316.17, up 200.34 points.PTI

Brent crude flirts with $100, reigniting inflation and forex concerns for India

Experts say a prolonged rally above $100 per barrel is unlikely, but sustained high oil prices could push up inflation, widen the current account deficit and pressure the rupee.

2 min read

Can a record May offset a shrunk international schedule and help IndiGo turn a profit?

Record domestic market share boosts operating performance, but forex losses, rising oil prices and geopolitical disruptions could weigh on IndiGo's bottom line.

3 min read

China has dominated Myanmar’s rare earth mines — now India eyes deal to harness country’s critical minerals

India is deepening rare earth cooperation with Myanmar as New Delhi seeks alternative sources of critical minerals dominated by China, including dysprosium and terbium used in EVs, defence systems and clean energy technologies

6 min read

JPMorgan to hire 1,000 technology professionals for India GCCs amid AI-led transformation

Wall Street banking giant to expand hiring across cloud, cybersecurity and AI data pipeline roles as it strengthens its India Global Capability Centres despite AI-driven workforce optimisation.

1 min read

BOJ seen raising interest rates by December as weak yen fuels inflation risks

Majority of economists expect Japan's central bank to deliver a 25-basis-point rate hike by year-end, with further policy tightening likely through 2027.