The management stated that DBCL is all set to launch its first edition in Maharashtra by June’11 while the Bihar launch would be near Diwali (Oct’11). The Bihar launch remains critical for DBCL as most of the national advertisers consider Bihar and JH as a single market and design their media plans accordingly.
Anyways, DBCL has been empanelled with the JH state government enabling it to get a significant share of govt. ads. The market is expected to grow at CAGR of 20% for the next 2-3 years. Ranchi contributes ~70% of the total print ad spends in JH.
At CMP of Rs 252, BUY DBCL with a target price of Rs 292 - implying a 16% upside.
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