Reliance Securities has reiterated  'Buy' on Jagran Prakashan (JPL) with a target price of Rs 164 with upside potential of 30% from the current levels.

Commenting on the investment rationale, the stock broker said, ''The promoters recently hiked their stake in the company from 57.6% to 60.2%. Jagran Prakashan is the numero uno print daily publishing 12 newspaper brands with over 100 editions across 15 states and 5 languages. Given its huge readership base for the dailies, the company will benefit from the industry's  ad-revenue revival, which is directly linked to an economic up-turn. Being the leader in print, second to the leader in Radio and revival in industry ad-revenues makes JPL a value play considering its current valuations at ~13x FY17E EPS of Rs 9.6. Thus, we reiterate our Buy recommendation on the stock with a target price of Rs 164, which implies a ~30% upside from the current levels.''

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