(Bloomberg) -- India is considering a proposal to increase the limit on foreign direct investment in local newspapers and magazines, two government officials said. Shares jumped.
The Finance Ministry recommended raising the cap to 49 percent from 26 percent, bringing it on par with that on news television channels, the officials said, asking not to be identified citing rules for speaking with the media. The Department of Industrial Policy and Promotion will decide on the matter, they added.
Since taking power in 2014, Prime Minister Narendra Modi has raised investment limits in sectors including airlines, railways and defense. Asia's third-largest economy is now one of the most open in the world, the government said last month.
Jagran Prakashan Ltd., publishers of one of India's most-read Hindi newspapers, jumped as high as 5.1 percent and the stock closed at a record 182.4 rupees after the news. HT Media Ltd. surged up to 6.3 percent and DB Corp Ltd. briefly pared losses.
Finance Ministry spokesman D.S. Malik didn't answer two calls to his mobile phone.
--With assistance from Ameya Karve and Ashutosh Joshi To contact the reporter on this story: Siddhartha Singh in New Delhi at ssingh283@bloomberg.net. To contact the editors responsible for this story: Daniel Ten Kate at dtenkate@bloomberg.net, Jeanette Rodrigues, Unni Krishnan
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