CNI Research to launch newspaper; scrip soars

Financial information provider CNI Research today said it will foray into the print media with the launch of a business newspaper within six months.

"We have received the initial approvals and are waiting for the final approval from the Registrar of Newspapers before launching a newspaper," CNI Research Chairman and Managing Director Kishore P Ostwal told PTI.

Commenting on the investment plans, Ostwal said the company will invest Rs 8-10 crore for the newspaper launch and expect to break-even in two years.

The Mumbai-based CNI Research, which is a research house for small and mid-cap companies, plans to hire 70-80 employees having specialised knowledge and experience in the print media.

"The proposed paper would capitalise on CNI's core strength of research, strong content and member base and hopes to quench the thirst of the small investor for authentic, reliable and unbiased information," Ostwal added.

Shares of CNI Research today skyrocketed by 19.77% to hit an intra-day high of Rs 10.60 a piece on the Bombay Stock Exchange.