Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Sesa Goa with a target of Rs 235 in the short term.

The report further stated that, if the counter is successful to breach Rs 238, then it will hit a target of Rs 245.

In addition, the firm has suggested a support level for the scrip at Rs 215.

Today (Sep 09), the shares of the company opened at Rs 224 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 20.87 & 10.85 respectively. The share price has seen a 52-week high of Rs 258.80 and a low of Rs 60 on BSE.

Sesa Goa posted a fall of 33.29% in its consolidated net profit for the quarter ended June 2009.

During the period, Sesa Goa recorded a consolidated net of Rs 4,222.90 million as against the profit of Rs 6,447.20 million during the corresponding period of the last year.

During the period, the company's consolidated total income stood at Rs 10,250.60 million, a fall of 21.81% over the prior year period.

On a standalone basis, Sesa Goa registered a net profit of Rs 4,069.40 million, a growth of 36.88% over the prior year period.

In the same period, the company's total income fell 21.81% to Rs 10,250.60 million.

The flagship company of Sesa Group, Sesa Goa Limited is the country's biggest exporter of iron ore in the private segment.

During the last five decades, the Group has been involved in iron ore mining, beneficiation and exports, with a total income of about Rs 4900 crores. Over the last decade, it has broadened into the production of pig iron and metallurgical coke.

Sesa Goa runs a 280,000 TPY metallurgical coke facility and a 250,000 TPY pig iron plant.

It also runs mining operations in Goa, Karnataka and Orissa.