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New Delhi: 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% from 26%, 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 (DIPP) 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 defence. 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% and the stock closed at a record 182.70 after the news. HT Media Ltd, which publishes Hindustan Times and Mint, surged up to 6.3% and finally closed 82.75 per share and D B Corp Ltd briefly pared losses and close at 383.20 per share.

Finance Ministry spokesperson D.S. Malik didn’t answer two calls to his mobile phone. Bloomberg

Ameya Karve and Ashutosh Joshi contributed to this story.

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