Stock market analyst Hitendra Vasudeo of stockmechanics.com maintained ‘buy’ rating on Mundra Port and Special Economic Zone stock with an intraday target of Rs 597.

According to Mr. Vasudeo, interested traders can purchase the stock above Rs 584 with a strict stop loss of Rs 571. If the stock market remains on positive track, the next target will be above Rs 605.

Shares of the company, on Tuesday (Aug 19), closed at Rs 569.05 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 244141. The share price has seen a 52-week high of Rs 460 and a low of Rs 174.50 on BSE.

The company’s board, at its meeting held on July 28, 2008, has considered the matter of amalgamation of Inland Conware (ICPL), the company’s wholly owned arm with Adani Logistics (ALL) & Inland Conware Ludhiana (ICLPL) the transferor companies and given NOC for the unification of subsidiary divisions i.e. Adani Logistics and Inland Conware (Ludhiana) with Inland Conware.

For the quarter ended Jun. 30, 2008, the company, on standalone basis, has recorded a net profit growth of 6.26% to Rs 968.03 million as against Rs 911.03 million during the same period of the last year.

Net sales during the quarter fell 22.80% to Rs 2,537.28 million, while total income diminished by 21.68% to Rs 2,737.68 million.

Mundra Port and Special Economic Zone, part of the Adani group, is the maker and operator of Mundra Port in Gujarat. The Mundra port is one of the leading non-captive private sector ports in India based on volume of cargo during fiscal 2007.

Situated in Kutch, the company provides port services for bulk cargo, container cargo, crude oil cargo, and value-added port services including railway services.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes Punj Lloyd, Thermax and Texmaco.