Stock market analysts are of the view that investors can buy Prakash Industries Ltd stock to achieve an intraday target of Rs 176.

According to them, investors can buy the stock between Rs 171-173 with a strict stop loss of Rs 169.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 179.

Shares of the company, on Friday (Dec 11), closed at Rs 171.85 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 177.45 and a low of Rs 34.20 on BSE.

Steel manufacturer Prakash Ind has decided to expand its capacity at its power projects.

Mr. Vipul Agarwal director of Prakash Industries stated that the company will be making an investment of INR 3000 crore for capacity growth in their power and steel projects by the next four years.

Around 75% of the total sum will be invested in power projects whereas the remaining will go for backward integration of the steel projects.

He added that the company has planned to generate 675 MW by the next three years.

For the three month period ended September 2009, PIL has reported an increase of 40% in its PAT, which stood at Rs 680 million as against Rs 480 million during the same period of last year.

The company's net sales/income from operations during the said quarter stood at Rs 3.77 billion.

The company has registered a growth of 40% in its EPS at Rs 5.87 per share during the period under review.