Stock market analysts have maintained 'buy' rating on Gujarat NRE Coke Ltd with an intraday target of Rs 83.

According to them, interested traders can purchase the stock around Rs 80-81 with a strict stop loss of Rs 79.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 85.

Shares of the company, on Monday (Jan 25), closed at Rs 81 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 97.90 and a low of Rs 16.80 on BSE.

Current EPS & P/E ratio of the stock stood at 1.09 & 70.30 respectively.

Gujarat NRE Coke announced that it has posted a two-fold increase in net profit for the three month period ended December 2009.

The company recorded a net profit of Rs 27 crore during the period under review as compared to Rs 13 crore in the same period of last year.

The company's adjusted PAT surged 23% to Rs 27 crore as against Rs 22.6 crore during the corresponding period of 2008.

Net sales during the period dropped 28% to Rs 312 crore as compared to Rs 434 crore.

While commenting on the company's plans going forward, Mr. Arun Kumar Jagatramka, Managing Director, stated, "We expect the margins to expand in the fourth quarter of FY10 and moderate in the first quarter of FY11."

He added that coking coal rates were increasing since December 15, and presently stood at Rs 18,000 per tonne as against Rs 15,000 per tonne, adding that a further increase in price was expected.