Sun TV Q3 net dips 11% to ₹324 crore

Sun TV Q3 net dips 11% to ₹324 crore


The advertisement revenues for Q3 FY26 was at ₹292 crore as against ₹332 crore for the corresponding quarter last year. 

Sun TV Network on Friday reported a consolidated revenue from operations of ₹862 crore for the quarter ended December 2025 (Q3 FY26), a 4.1 per cent rise from ₹828 crore in the same quarter last year. However, consolidated net profit dipped 11 per cent to ₹324 crore compared to ₹364 crore in the same quarter last year. 

The advertisement revenues for Q3 FY26 was at ₹292 crore as against ₹332 crore for the corresponding quarter last year. 

At the board meeting held on Friday, the Board of Directors declared an interim dividend of ₹2.5 per share (50 per cent) at a face value of ₹5.00 per share.

The network

Sun TV Network operates satellite television channels across four southern languages of Tamil, Telugu, Kannada and Malayalam and three north Indian languages of Bangla, Marathi and Hindi, airs FM radio stations across India, alongside producing movies; it owns three cricket franchises: SunRisers Hyderabad Cricket Franchise of the Indian Premier League, Sun Risers Eastern Cape of Cricket South Africa’s T20 League and SunRisers Leeds Ltd.

On NSE, the shares of Sun TV Network closed at ₹536 on Wednesday, down ₹3.75 or 0.69 per cent from the previous day’s close.

Published on February 6, 2026



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Never say die attitude, not for naive F&O retail investors

Never say die attitude, not for naive F&O retail investors


F&O trading is a zero-sum game in which one participant’s loss is another’s gain

Year 2026 is going to be even more challenging for F&O (futures & Options) traders, apart from routine known risks. While presenting the Budget on February 1, Finance Minister Nirmala Sitharaman announced an increase in the securities transaction tax (STT), stating that the move would “provide a reasonable course correction” in theF&O segment while also generating additional revenue for the government.

Accordingly from April 1, 2026, the STT on sale of options has been hiked from 0.1 per cent to 0.15 per cent on premium; for exercise of options it would be 0.15 per cent (0.125 per cent) and for sale of futures 0.02 per cent to 0.05 per cent.

Currently, option trading — especially index options — dominates trading volumes, with more retail investors fancying their chances there. The percentage of individual investors making losses remained at 91 per cent in FY25, according to findings by the Securities and Exchange Board of India (SEBI).

F&O trading is a zero-sum game in which one participant’s loss is another’s gain.

A recent Reuters report said Jane Street, which is facing SEBI probe for making undue profits through ‘manipulating’ Bank options, had made net trading gains of ₹4,700 crore through its arm JSI Investment Pvt Ltd for FY25 and after-tax profit of ₹2,840 crore.

By imposing a steeper STT increase in F&O, the Finance Ministry is targeting the segment with the highest concentration of speculative retail activity. In an interview to businessline Sitharaman said: “We are not touching STT in general. We are touching only futures and options. And that is where we are getting continuously, people calling us to say people are losing money. And who are the ones losing money who normally don’t have that kind of a spare cash to speculate? So is the government supposed to sit and watch?,” she said.

SEBI initiatives

On its part, the regulator had also implemented several important measures such as limiting weekly expiries to just one index, hiking lot sizes and collecting upfront premiums from traders. SEBI also withdrew benefit of margin requirements for index derivatives on expiry days for calendar spread strategy (using two-month contracts) from last February. And, now the regulator wants to extend the same for single-stock derivatives as well, a step that could increase margin demands further to traders.

These measures have already impacted trading volume in F&O. Average daily turnover for equity options fell 24.6 per cent and 18.2 per cent (y-o-y) in December 2025 for equity options and futures respectively, according to NSE’s data.

Meanwhile, Association of NSE Members of India (ANMI) — stock brokers’ body — has approached the Finance Minister seeking a rollback and rationalisation of the recent increase in STT, raising concerns over the higher levies significantly increasing transaction costs.

Contra views

Some market experts believe that this move will not curb speculative trading activity. Zerodha founder and CEO Nithin Kamath Kamath in social media X blog post suggested that instead repeatedly raising transaction taxes, regulators should consider introducing product suitability norms to determine who is eligible to trade complex derivatives. “I know it’s an unpopular opinion, but this will remove a lot of uncertainty among brokers and traders. It’s a much better approach than death by a thousand STT hikes,” he said. He also suggested STT concession for cash segment, so that volume could shift from F&O to cash intra-day deals.

Though these suggestions sound valid and logical, one cannot brush aside the loss made by individuals. For individuals. it is more of a behavioural problem (not accepting the defeat easily) and in the process continue to lose more and more.

Rather than imposing excessive restrictions, SEBI could consider a temporary trading ban — say, for three months — if an investor incurs losses in three consecutive trades or ₹25,000 a month.

Published on February 6, 2026



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India’s rice buy for buffer stocks up 4%, near 43 million tonnes

India’s rice buy for buffer stocks up 4%, near 43 million tonnes


The government is yet to devise a permanent offtake policy to dispose of the surplus as the purchases have been exceeding the annual requirement for the public distribution system continuously
| Photo Credit:
Getty Images

India’s rice purchase for the Central Pool stock, done through the Food Corporation of India, during the October 2025-January 2026 period, was 42.95 million tonnes (mt), up by 3.7 per cent from 41.41 mt a year ago.

Experts believe the purchase in the first four months of the procurment season is good to face unforeseen eventuality amid concerns over likely emergence of El Nino during the monsoon season. Drought-bearing El Nino leads to drought or prolonged dry periods in India.

The government is yet to devise a permanent offtake policy to dispose of the surplus as the purchases have been exceeding the annual requirement for the public distribution system continuously. The ad hoc arrangement of diverting some quantity for ethanol has affected the sugarcane sector as lower ethanol purchase has led to reappearance of cane arrears for the farmers this year, experts said.

N. India purchases over

The all-India rice purchase target has been fixed at 46.35 mt in 2025-26, from the Kharif-grown crop. Total procurement in 2024-25 from both kharif and Rrabi crops was 54.52 mt.

Procurement in Punjab, Haryana and other northern States got completed in December, while in Uttar Pradesh, Madhya Pradesh and Karnataka it will continue until the end of February. The purchase season ended in Chhattisgarh and Gujarat on January 31. It will continue until February 15 in Telangana, and till March 31 in Andhra Pradesh, Odisha, Tamil Nadu and Maharashtra, and till April 30 in West Bengal.

Rice marketing season begins from October and the procurement period varies from State to State, depending on the cropping pattern followed in each State. Due to early arrival of the paddy this year, the Centre allowed procuring agencies in Punjab and Haryana to begin purchase from mid-September and in Tamil Nadu from September 1.

Other States

The FCI buy increased by 112 per cent to 1.1 mt from 0.52 mt a year ago in Tamil Nadu. This is attributed to bumper production as well as the State government’s push due to the assembly poll scheduled this year. Telangana’s purchase, which was 27.3 per cent higher until December 31, has now reported 0.6 per cent rise to 3.6 mt from 3.57 mt as the year-ago number showed an improvement. This year’s purchase remained at the same level as the month before. Andhra Pradesh has reported a 99.1 per cent rise to 2.74 mt from 1.38 mt until January 31.

In West Bengal, the Centre has been able to buy 1.30 mt rice this year against 1.3 mt a year ago.

Rice procurement in the largest-producing State (in the kharif season), Uttar Pradesh, has improved after falling in the first two months. It continued in January, too. The purchase in UP has now reached 3.9 mt, which is 8.2 per cent up from 3.6 mt a year ago. Madhya Pradesh also reported a 17.1 per cent increase in purchase at 3.41 mt from 2.92 mt and Uttarakhand a 11.3 per cent rise in purchase at 0.50 mt from 0.45 mt.

Punjab slips

On the other hand, Punjab, which has been the top rice contributor to the Central Pool stock, purchased 10/49 mt, which is 9.7 per cent lower than 11.61 mlt a year ago, and Haryana got almost similar 3.6 mt as last year, official data show.

Chhattisgarh has reported the rice purchase was 4.3 per cent higher at 7.3 mt from 7 mt after procurement began from November 1 and ended on January 31. Odisha reported 5.1 per cent lower purchase at 2.8 mt against 2.95 mt and Maharashtra 6.3 per cent down at 0.51 lt from 0.55 lt. Bihar was 19 per cent below last year at 1.33 mt from 1.64 mt.

The Agriculture Ministry has earlier said that rice production in the 2025-26 Kharif season is estimated to be a record 124.50 mt, up by 1.4 per cent from 122.77 mt a year ago. According to the latest data as of January 1, the Food Corporation of India (FCI) had 30.94 mt of rice in 2026 (6 per cent up from a year ago), 55.22 mt of paddy (16 per cent up) and 27.46 mt of wheat (49 per cent up).

Higher than buffer

The current stock of rice (including in the form of paddy) is nine times more than the buffer norm (as on January 1) of 7.61 mt and that of wheat is nearly double from 13.8 mt.

The government already allocated 0.52 mt of rice for making ethanol and selling it at a reduced rate of Rs 23,200 per tonne since November 1, against the estimated economic cost of Rs 41,733.40/tonne.

Published on February 6, 2026



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Markets end firm in volatile Budget week; IT stocks lose ₹2.4 lakh crore

Markets end firm in volatile Budget week; IT stocks lose ₹2.4 lakh crore


Indian equity markets staged a sharp recovery this week after sliding on Budget day due to the STT shock and an AI-driven sell-off in IT stocks. Sentiment improved following the announcement of a long-awaited trade deal with the US, helping the Sensex and Nifty rise nearly 1.6% and 1.5%,

Domestic markets witnessed a rollercoaster ride this week, recovering from a sharp slide on Budget day (on the STT shock) and an AI-induced sell-off in IT stocks. The long-awaited trade deal with the US turned out to be a game-changer the day after, and the BSE Sensex and the Nifty gained nearly 1.6 per cent and 1.5 per cent, respectively, for the week.

IT stocks were pummeled, losing about ₹2.4 lakh crore in market cap this week, with the BSE IT index falling 6.2 per cent.

Morgan Stanley view

“Indian stocks enjoy a rare combination of inexpensive relative valuations, poor trailing performance, strong policy stimulus and a consequent growth upcycle, an undervalued currency, weak foreign positioning and potentially a new buyback cycle,” said Morgan Stanley, expecting the BSE Sensex to hit 95,000 (base case scenario) by December-end, which is around a 14 per cent rise from the current level.

On Friday, after opening lower, both the Nifty and Sensex closed in the green. The benchmarks were also supported by broader indices. While the Nifty 50 rose 0.2 per cent to 25,693.70, the BSE Sensex gained 0.32 per cent to 83,580.40.

Macro comforts

The falling intensity of oil in GDP and rising share of exports in GDP, especially services, and fiscal consolidation imply a lower saving imbalance, Morgan Stanley said, adding that this will allow structurally lower real rates. “At the same time, lower inflation volatility as a result of both supply-side and policy changes (flexibility inflation targeting) means that volatility in interest rates and growth rates is likely falling in coming years. High growth with low volatility and falling interest rates and low beta = higher P/E. This also supports the shift in household balance sheets toward equity,” the global investment advisory firm added.

RBI pause

Meanwhile, the Reserve Bank of India kept the key repo rate unchanged, as widely expected. However, it acknowledged that external headwinds have intensified since the December 2025 meeting.

FPI buying

Foreign portfolio investors have turned buyers. After selling about ₹36,000 crore, they then bought ₹8,129 crore worth in February.

Complementing these gains, almost all sectoral indices logged weekly increases, while the broader small-caps and mid-caps rose 1.23 per cent and 1.6 per cent, respectively.

Post-Budget trend

A historical analysis of the past three decades indicates that, following the Budget, Nifty has delivered an average return of around 10% over the subsequent three months. This reinforces a constructive medium-term outlook, according to a note from ICICI Securities.

Analysts expect the market to remain broadly range-bound in the near term.

“Overall, markets may remain range-bound in the near term, with stock-specific action on the back of earnings outcomes and lingering global uncertainties. Attention will shift to upcoming U.S. economic data and commentary from Federal Reserve officials for further cues on the global macro environment and interest-rate trajectory,” said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services.

Published on February 6, 2026



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PFC acquires 52.63% stake in REC, in-principle merger under consideration

PFC acquires 52.63% stake in REC, in-principle merger under consideration


Post-acquisition, PFC serves as the holding company, and REC, a ‘Maharatna’ NBFC under the Ministry of Power, operates as its subsidiary. The move aims to scale operations, enhance efficiency, and implement technology adoption in public sector NBFCs.
| Photo Credit:

State-owned Power Finance Corporation and REC have set the process in motion for a merger and in separate meetings, their boards accorded in-principle approval for the process, to create a large power financing company in the country.

Following an ‘in principle’ approval by the Cabinet Committee on Economic Affairs (CCEA) in 2018, PFC had acquired 52.63 per cent of government’s holding in REC, making it a subsidiary.

Budget 2026 vision

In the General Budget announced on Sunday the Union Finance Minister had indicated restructuring PFC and REC, while outlining the government’s approach to sector consolidation.

“The vision for NBFCs for Viksit Bharat has been outlined with clear targets for credit disbursement and technology adoption. In order to achieve scale and improve efficiency in the Public Sector NBFCs, as a first step, it is proposed to restructure the Power Finance Corporation and Rural Electrification Corporation,” Union Finance Minister Nirmala Sitharaman had said during her Budget speech.

In the filing, PFC also said its board noted the Union Budget 2026–27 announcement on restructuring public sector non-banking financial companies (NBFCs).

Merger scheme

PFC said the detailed merger scheme, once finalised, would be shared after requisite approvals.

Between them the two companies have a combined loan book of over ₹17 lakh crore, with PFC’s loan book double that of REC.

The bulk of PFC’s exposure was to the power generation segment, followed by transmission and distribution segments.

Published on February 6, 2026



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Bitcoin slides to five-month low as ETF outflows and macro fears trigger sharp sell-off

Bitcoin slides to five-month low as ETF outflows and macro fears trigger sharp sell-off


Overall sentiment is firmly risk-off, with tightening liquidity, weak buying interest, and macro uncertainty driving prices. 
| Photo Credit:
Dado Ruvic

Bitcoin experienced a sharp correction on Thursday, briefly dipping below $60,000, its lowest level since September 2024, before rebounding to around $70,000 the next day. It last hit an all-time high of $123,000 in October 2025.

“Bitcoin’s sharp drop marks its weakest stretch since late 2024, with the asset now down nearly half from its October 2025 peak as heavy liquidations and persistent ETF outflows intensify selling pressure. The repeated failure to sustain rebounds above the $70,000–$72,000 zone has reinforced a defensive market tone, while extreme fear readings and elevated volatility point to ongoing deleveraging,” Avinash Shekhar, Co-founder and CEO, Pi42, highlighted.

The drop to $60,000 represented a 17 per cent intraday swing, reflecting heightened volatility across the crypto market. The broader sentiment turned risk-off, with the Crypto Fear & Greed Index plunging to 5 or Extreme Fear, its lowest reading since mid-2023, according to Riya Sehgal, Research Analyst, Delta Exchange.

Vikram Subburaj, CEO of Giottus.com, said the sell-off was triggered by Bitcoin breaking below key technical levels. Glassnode data show it has fallen below the True Market Mean, a level seen as the average cost of actively traded coins, which typically turns into resistance once breached. At the same time, more recent buyers are now at a loss, increasing the risk of forced selling during sharp declines.

Institutional flows

He added that institutional flows have offered little comfort. Spot Bitcoin ETFs in the US recorded heavy net outflows earlier in the week, with February 4 alone seeing withdrawals of roughly $545 million. Markets are also bracing for a cluster of delayed US .data releases next week, including the January jobs report and CPI figures. Strong labour or inflation readings could push expectations for Federal Reserve rate cuts further out. If Treasury yields stay elevated and the dollar remains firm, it will be an unfriendly mix for crypto. Fed funds futures still point to rate cuts later in 2026, but traders remain cautious about pricing them in early due to persistent inflation pressures.

“Analysts flag $60,000-$63,000 as the nearest major support band. There was an interim buying interest seen earlier around $68,000-$70,000. On the upside, former support near $73,000-$75,000 has turned into immediate resistance. A sustained move back above that zone would be needed to stabilise the tape. Any failure to hold above $60,000 could expose deeper downside toward realised-price levels closer to the mid-$50,000s,” he said.

Overall sentiment is firmly risk-off, with tightening liquidity, weak buying interest, and macro uncertainty driving prices. Until ETF flows stabilise and US data clarify the Fed’s policy outlook, crypto markets are likely to stay under pressure.

Analysts said Bitcoin faces near-term resistance at $71,000–$72,000 and strong support around $58,000–$62,000. Holding above the $58,000–$60,000 band could lead to consolidation, ease volatility, revive confidence, and set the stage for a gradual recovery.

Published on February 6, 2026



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