HT Media, publisher of Hindustan Times, has decided to launch a business newspaper. This will be the country's fifth financial daily. The Economic Times, Business Standard, Business Line and Financial Express are the existing business dailies.
DNA Money, which is being distributed along with DNA daily in the major markets, will also become an independent financial newspaper in upcountry markets from Tuesday. It is being launched as a separate newspaper in Indore and is priced at Re 1.
The K K Birla group company, which took the decision to launch a financial newspaper, has also decided to expand its Hindi daily, Hindustan, to other markets in Madhya Pradesh. It has further decided to re-organise its Internet operations.
The company has earmarked investment of Rs 38.5 crore (Rs 385 million) for these activities. Recently, HT had raised over Rs 200 crore (Rs 2 billion) from the market through its initial public offering.
The HT Media board also approved an interest-bearing loan of Rs 30 crore (Rs 300 million) to its subsidiary, HT Music & Entertainment Co.
The board appointed Priyavrat Bhartia as a wholetime director, effective from February 1, HT Media informed the Bombay Stock Exchange. Neither the date nor the time of the proposed launch of the newspaper was mentioned in the company's notice to the stock market.
Net up 262% at Rs 16.3 cr
T Media reported nearly a four-fold or 262 per cent jump in its Q3 net profit to Rs 16.3 crore (Rs 163 million), from Rs 4.5 crore (Rs 45 million) for the corresponding quarter last financial. Its operating profit rose 81 per cent to Rs 40.8 crore (Rs 408 million). Revenues stood at Rs 225.8 crore (Rs 2.26 billion), a rise of 38 per cent quarter on quarter.
The company said that it had set aside Rs 38.5 crore (Rs 385 million) to fund its expansion including the launch of a daily business newspaper. A part of the funds will also go into expanding the operations of its Hindi newspaper in Madhya Pradesh and reorganisation of its Internet operations.
Besides the appointment of Priyavrat Bhartia as a wholetime director with effect from February 1 this year, an interest bearing loan of Rs 30 crore (Rs 300 million) has also been approved by the board for its subsidiary, HT Music & Entertainment Company Ltd.
The company has attributed its performance to its ability to secure raw material at lower than the market prices limiting the impact of its high newsprint prices.