Jhunjhunwala's interest in Mid-day, which publishes an eveninger
and runs a private FM radio station, immediately pushed up the scrip.
The stock ended on a 52-week high at Rs 70.60, up 19.97 per cent
from Tuesday's closing.
Jhunjhunwala has the reputation of picking up substantial stake
in companies that have strong fundamentals. He has investments in
companies like Crisil, Karur Vysya Bank, Pantaloon, Bharat Earth
Movers and Titan.
Mid-day promoters have already expressed intent of diluting majority
stake and were reportedly in talks with media companies like The
Times of India and Sahara.