Stock market analysts are of the view that investors can buy Prakash Industries Ltd stock to achieve an intraday target of Rs 226.

According to them, investors can buy the stock above Rs 224 with a strict stop loss of Rs 216.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 234.

Shares of the company, on Wednesday (Feb 03), closed at Rs 222.15 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 231.90 and a low of Rs 37.55 on BSE.

On Feb 02, Prakash Industries Ltd declared that the company has got notice from FCCB holder for exchange of 4 Nos. bonds (US$ 100,000 each) in to 1,09,600 Nos. equity shares worth Rs 10 each of the Company.

As a result, the company's directors, during its meeting held on January 28, allotted 1,09,600 equity shares pursuant to transition of 4 Nos. bonds.

During the three month period ended December 31, Prakash Industries Ltd recorded net sales of Rs 360.35 crores as against Rs 337.88 crores during the same quarter of 2008.

The company's net profit stood at Rs 66.03 crores for the quarter under review as compared to Rs 37.06 crores earlier.

The company's EPS during the period was Rs 5.70 a share from Rs 3.21 in 2008.