Stock market analyst E Mathew is of the view that the stock of Electrosteel Castings can be purchased around Rs 45 with a stop loss of Rs 40 for achieving a short-term target of Rs 63.

Mr. Mathew also said that the investors can achieve the target within a period of 4-5 weeks. The stock has been recommended after analyzing its last performances.

Mr. Mathew said that the traders can achieve the said target on the back of brilliancy in the stock market.

Shares of the company, on Friday, closed at Rs 47.25 at BSE. The total volume of shares traded at the BSE was 1,135,293. The stock has seen a 52-week high of Rs 101.5 and a low of Rs 30.85 on BSE. Current P/E and EPS stood at 13.95 and 3.44.

Electrosteel Castings, on 24 Jan, announced that the company inked the lease for a coal mine allotted to it, in Jharia Coal Field at Parbatpur near Bokaro in Jharia.

The company also informed that its board at its meeting held on Jan. 24, 2008, taken note of this development.

Electrosteel Castings was set up to make steel castings, grinding media and spun-cast iron pipes. It is mainly a water infrastructure company providing solutions in the areas of water supply and sewerage systems for the conservation and management of water resources.

It is also the biggest Indian manufacturer of ductile iron (DI) pipes. It also manufactures cast iron (CI) pipes, which are used in the transportation of fresh water and disposal of waste water.

Other stocks from the steel sector that looks good for short-term trading includes Bharat Forge, Arshiya Intl and Jayaswal Neco.