One key positive takeaway form the stake sale was removal of overall stock price led volatility owing to pledge issue. However, we note that sale to financial investors was a tad disappointing as strategic investors coming in would have added value to the stock. On the operating front, the aggressive spending to build a content library as well as related party dues remains a spoiler. Near term concerns include softer ad outlook due to macroeconomic challenges as well as possible risks of tweak in NTO policies. Post the pledge overhang removal, we upgrade the stock to HOLD...