Stock market analysts have maintained 'buy' rating on Orchid Chemicals & Pharmaceuticals Ltd with an intraday target of Rs 193.

According to them, interested traders can purchase the stock above Rs 191 with a strict stop loss of Rs 185.

If the bourses remain on the positive track, then the stock price will hit a target above Rs 195.

Shares of the company, on Wednesday (Nov 25), closed at Rs 189.65 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 183.40 and a low of Rs 56.50 on BSE.

Kotak Mahindra Mutual Fund, of the Kotak Mahindra Group, on Nov 19, sold 0.72 percent equity stake in Orchid Chemicals & Pharma for around Rs 89.26 million.

Kotak Mahindra Mutual Fund sold 502,485 shares at the cost of Rs 177.64 per share at NSE.

Moreover, Orchid Chemicals and Pharmaceuticals has an objective to become a $1 billion company by 2012.

In 2008-09, the company recorded a financial gain of Rs 1,1.91 billion.

The company stated that the thrust would be on developed nations.

Penicillin would assist the expansion during the initial year, accompanied by carbapenems and non-antibiotics during the second and third year respectively.

The penicillin section, with the introduction of Tazobactam-Piperacilling jabs in Australia, Europe and Canada in 2008, has started contributing to the income.