provide for any potential acquisition opportunities that may be available bhupendra.tiwary@icicisecurities.com in the course of business. However, the argument seems unconvincing as the company has failed to attract investors' attention. In addition, the English segment's ad growth continues to be elusive. We assign a SELL rating to the stock valuing it at 10x FY19E EPS of | 7.8, with a revised target price of | 78. We highlight that any multiple re-rating can only happen post clarity on the cash allocation or if there is a marked...