India's Sun TV Network, RPSG Ventures jump after RCB deal boosts IPL valuations

Shares of Indian broadcaster Sun TV Network SUTV.NS and IT services firm RPSG Ventures RPSG.NS rise as much as 5% and 17%, respectively

United Spirits UNSP.NS to sell entire stake in Indian Premier League franchise Royal Challengers Bengaluru for $1.78 billion

Stake sold to a consortium comprising Aditya Birla Group, Times of India Group, Bolt Ventures, and Blackstone BX.N

ICICI Securities says a key trend in these deals is the shift from individual ownership to institutional and consortium-based ownership and IPL's evolution as a global sports asset class

The biggest beneficiaries of the valuation reset are likely to be Sun TV and RPSG ventures - ICICI Securities

Sun TV and RPSG ventures are owners of cricket franchises Sunrisers Hyderabad and Lucknow Super Giants

RPSG up 15.5% to 93 rupees, SUTV up 2% at 628 rupees

SUTV rated "buy" on avg; median PT at 650 rupees - data compiled by LSEG

YTD, SUTV up 8%, RPSG down 12%