HDFC Mid-cap Opportunities Fund exited a large chunk, though 90% of it was absorbed by its own HDFC Multicap fund. My worry is if the stock’s underperformance is being caused by it losing market share. There is also the promoter dispute which is not getting resolved. But between the two, market share loss would be the more concerning thing. Hard to recover credibility with readers once they move away to a competitor.
Nevertheless, I expect Q3 margins to be much better given advertising revenue uplift from the elections that happened and the national elections coming up, and lower newsprint costs (per management commentary, there is a lag in benefits accruing from the fall in newsprint costs due to higher inventory. My guess is Jagran must have had more inventory than DB Corp).
| Subscribe To Our Free Newsletter |
