Financial Daily from THE HINDU group of publications
Tuesday, Mar 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 08, 2005 |
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Corporate
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Outlook Mid-Day Multimedia mulls starting a national tabloid Latha Venkatraman
Mumbai , March 7 MID-DAY Multimedia Ltd, which publishes Mumbai's leading afternoon newspaper, Mid Day, is looking at a possibility of a national tabloid. "The National Tabloid story is waiting to happen in India and Mid Day is best positioned to fill the slot. The coming financial year will see us foray outside Mumbai," said Mr Manajit Ghoshal, CFO and Vice-President Corporate Services, Mid-Day Multimedia, in an e-mail response to Business Line's queries. Mid-Day Multimedia has often believed that it has potential to replicate its print media success in other markets. Print media account for 80 per cent of the consolidated operations of Mid-Day. Mid-Day, analysts believe, is on a fundamentally sound growth path though the losses from its radio business have been absorbed by other segments of businesses, mainly the print media. However, Mid-Day is hopeful that the Government will shortly resolve the licence fee issue concerning the radio business. Shares of Mid-Day had risen to Rs 93.5 on the Bombay Stock Exchange ahead of The Indian Express picking up a 10 per cent stake in it for Rs 25.54 crore at Rs 60 per share. The promoters of Mid-Day, the Ansari family, sold the stake to The Indian Express. Their stake now stands at 53.6 per cent. Following this deal, Banhem Financial and Investment Consultants Ltd, which holds 7.44 per cent stake, has been offloading in the market, stockbrokers said. On Monday, shares of Mid-Day ended at Rs 82.05.
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