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Print Media

Sector Update: Print Media

Newsprint prices have seen a meaningful decline, an appreciating INR is an added positive for publishing companies- JPL, HT Media and DCHL.

As per most of the publishers, NP prices have corrected by 20-25% and international prices are expected to stabilize around US$650-700/MT, over the medium term. Immediate financial benefits though may be limited given higher cost inventory being carried; expect full impact H2FY10E onwards.

Cautious optimism in industry regarding a revival in advertising revenue trends on the back of anticipated policy action leading to a recovery in economic growth and corporate earnings. Macro-environment is nevertheless materially better than 2Q ago.

The traditional media (print, TV broadcasting) will be the early beneficiaries of a pick-up.