Stock market analyst Rajesh Gupta of Fairwealth Securities has maintained 'buy' rating on Orient Ceramics & Industries Ltd stock with target of Rs 97.5-99.4

According to analyst, the interested investors can buy the stock around Rs 94.56 with stop loss of Rs 93.

The stock of the company, on August 16, closed at Rs 91 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 98.50 and a low of Rs 42.10 on BSE.

Orient Ceramics and Industries Ltd registered an increase of 3.49 times in its net profit at Rs 53.1 million for April-June quarter as against Rs 15.2 million in same period of 2009.

The biggest maker of non-vitrified, vitrified, ultra vitrified and third fired decorative tiles for walls, floors & facades saw a growth of 14% in gross sales, which stood at Rs 646.5 million for the three month period ended June 2010.

Moreover, the company has launched the premium range of 'Europa' tiles in the Southern market with the commencement of its novel franchise.

While lecturing on the company performance during the said quarter and the expansion plans, Mr. Madhur Daga, executive director, OCIL stated that they would invest around Rs 1 billion to strengthen the overall manufacturing capacity with the aim to fulfill the rising demand.