India's Sun TV Stock Surges 68% on IPO

26 April 2006

    MUMBAI - Indian broadcast company Sun TV. saw its shares jump 68% yesterday in their stock market debut as demand from funds countered broader market weakness.
    Sun TV shares closed at R1,466.05 ($32.67; €26.32; £18.27) each on the Bombay Stock Exchange, up from the initial public offer price of R875.
    Analysts expect the stock to decline in the near term because, they say, valuations look expensive.