Bangalore: By looking at the future prospect of the company especially with the success of its Indian Premier League (IPL) cricket team, Angel Broking has recommended a buy rating on Deccan Chronicle with a target of 216. Angel remains optimistic on IPL's money-making prospects and it feels that any news flow on the stake sale front can trigger a re-rating in the stock. Deccan Chronicle is an India-based company that is primarily engaged in printing and publishing newspaper and periodicals. The company also owns the Hyderabad IPL team, Deccan Chargers. The company bagged the rights for the IPL team in 2008 for $107 million payable over the next 10 years. In the first IPL season, despite Deccan Chargers finishing last, the company recorded revenues of 56.6 crore and profit of 1.6 crore owing to fixed central revenues (telecast rights/sponsorships). The company's fortunes completely turned around as Deccan Chargers, under the new leadership of Adam Gilchrist, emerged winners in the second season of IPL in June 2009. According to Angel, the next IPL team auction in 2011 is expected to set a benchmark post which Deccan Chronicle might reconsider its position to dilute stake. With IPL's recent announcement of auction (slated for January 19, 2010) of two new franchises for the 2011 edition at a base price of $225 million, the brokerage believes that the floor is set for the stock to get re-rated. With the recommended target price of 216, if the stock is bought at Monday's closing price of 154.30, the percentage of gain would be 39.98 percent.