Stock market analysts are of the view that investors can buy Godavari Power & Ispat Ltd stock to achieve an intraday target of Rs 174.

According to them, investors can buy the stock around Rs 170-171 with a strict stop loss of Rs 167.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 176.

Shares of the company, on Wednesday (Dec 16), closed at Rs 170.10 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 183.50 and a low of Rs 41.55 on BSE.

GPIL is about to get a re-rating, as the pelletization facility starts commercial production and as manufacture from its captive mines surges up.

GPIL's major activity is to make steel billets & sponge iron. It works with three sections including electricity, steel and other processes.

The company's makes steel intermediate items like billets, sponge iron and ferro alloys, wire rods and mild steel wires.

In March 2009, the group got hold of 75 percent equity of M/s. Ardent Steel Limited. The Group's facility is situated at Raipur region of Chhattisgarh.