Prabhudas Lilladher has maintained outperformer rating on Jaiprakash Associate with target price of Rs 325 implying upside potentail of 40% in its March 26, 2008 research report. "We believe that value unlocking potential with regards to JP Power Ventures awarding land to Jaypee Infratech and potential value from the Ganga-Ballia Expressway would act as triggers to Jaiprakash Associates. Hence we rate the stock an Outperformer with a SOTP target price of Rs325/share. Based on discounted equity cash flows, we have valued Jaypee Infratech at Rs232bn; however, given the long gestation nature of the project and being a little conservative we have assigned 30% discount to the NAV value," says Prabhudas Lilladher report.

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