Print media stocks in news after import duty cut

A total of four print media stocks rose between 1.30% and 3.03% at 11:48 IST on BSE after the Union government cut customs duty on newsprint by to 3% from 5% to provide relief to the industry from soaring international prices.

HT Media (up 3% to Rs 149.75), Deccan Chronicle Holdings (up 2.86% to Rs 147.40), Mid-day Multimedia (up 3.03% to Rs 34), and Jagran Prakashan (up 1.30% to Rs 89.45), advanced.

HT Media clocked volumes of 14425 shares, Deccan Chronicle Holdings saw volumes of 23896 shares, Mid-day Multimedia notched volumes of 15833 shares and 7102 shares changed hands on Jagran Prakashan.

Newspaper industry had represented that the international prices of newsprint have been rising alarmingly. Following this, the Finance Minister P Chidambaram proposed to reduce basic customs duty on newsprint from 5% to 3%, while winding up debate on the Finance Bill in the Lok Sabha yesterday, 29 April 2008.