Pink papers in Mumbai are soon to meet a white contender from South. The Hindu Business Line, an offshoot of The Hindu Group, Chennai, is ready to launch its Mumbai edition on April 27, 2004.
Referring to the new venture, N Murali, Joint Managing Director, The Hindu Group of Publications, says: "Launching a Mumbai edition is the next logical step in our development and growth. For a business newspaper like The Hindu Business Line, presence through an edition in Mumbai, the financial and commercial capital of the country, is necessary to create a bigger impact and also to take advantage of the
business opportunities available there."
"The Hindu Business Line has grown steadily over the last 10 years and its circulation has now reached over 50,000. The launch of an edition is a good platform to take it to a higher growth orbit, which Mumbai will provide," he added.
Competitively priced at Rs 4 on weekdays and Rs 3 on Sundays, Business Line is the only financial daily with a lower pricing on weekends. Business Standard costs Rs 5 on weekdays and its weekend edition comes at Rs 6, while The Financial Express is priced at Rs 4 on weekdays, Rs 6 on Saturdays and Rs 8 on Sundays and The Economic Times costs Rs 2 on weekdays and Rs 9 on weekends.
Speaking on the strategy adopted to break into the highly emulous Mumbai market, Murali said, "The business newspaper segment in Mumbai is very competitive with Economic Times way ahead of the other two newspapers, Financial Express and Business Standard. Our attempt will be to get the marketshare from the latter two newspapers and also to try and grow the market with good, serious and focused content that the Business Line is recognised for. There is definitely room in Mumbai for a quality business daily like the Business Line."
As per the latest round of IRS data, by and large the business dailies have depicted a growing trend. Business Standard recorded the highest percentage increase in terms of readership with a 53.33 per cent growth. The Financial Express portrayed a similar leaning with an 11.02 per cent growth, while Hindu Business Line posted a decline of 5.41 per cent. The figures for The Economic Times recorded a readership increase of 16.59 per cent.