Karvy Stock Broking Limited has maintained ‘Buy’ rating on JP Associates stock with an intraday target of Rs 252.

According to Karvy, day traders can purchase the stock between Rs 240-243 with a stop loss of Rs 235. If the stock market remains on positive track, the next target for the day will be above Rs 255.

Shares of the company, on Tuesday (April 22), closed at Rs 245.65 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 5145781. Current EPS and P/E ratio stood at 4.53 and 53.59 respectively. The share price has seen a 52-week high of Rs 510 and a low of Rs 111 on BSE.

The outlook for the stock is really very strong, and it is expected to move up on the back of huge volumes.

Jaiprakash Associates Ltd, on April 10, converted FCCBs of the FCCB-II into 74,591,271 equity shares of Rs 2 each at a predetermined conversion price of Rs 111.7546 a share. Thereby, the paid up share capital of the company will increase by Rs 149.2 million and securities premium by Rs 8.19 billion.

The company board meeting will be held on April 30, 2008, inter alia, to consider the audited financial results for the year ended March 31, 2008 plus the final dividend for the year ended March 31, 2008.

Other stocks from the same sector that looks good for short-term trading includes Unitech, IRB Infra and IVRCL Infras.