Technical analyst, Ashwani Gujral is of the view that investors can buy Bajaj Hindustan stock Ltd to achieve a short-term target of Rs 285.

According to him, the stock can be purchased on declines with a stop loss of Rs 211. Sugar sector itself was displaying strength, and it is expected to move up in the coming days.

The investors can achieve the target within a period of 4-8 weeks. So they are advised not to sell the stock before achieving this price target.

Shares of the company, on Monday (April 21), closed at Rs 238.80 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 1616136. Current EPS and P/E ratio stood at 4.10 and 57.74 respectively. The share price has seen a 52-week high of Rs 399.5 and a low of Rs 115.55 on BSE.

On April 16, Bajaj Hindusthan Ltd announced that a board meeting will be held on April 23, 2008, inter alia, to take on record and approve the un-audited financial results for the second quarter (Q2)/ half year (ended on March 31, 2008) of the Financial Year 2007-08. Further the Company has informed that, a meeting of the Audit Committee of Directors will also be held on April 23, 2008 prior to the aforementioned Board Meeting to discuss and review the aforesaid quarterly financial results.

Yesterday (April 21) Fitch Ratings has assigned a national long-term rating of ``A+(ind)`` to Bajaj Hindustan’s (BHL) fund-based cash credit limits (CCL) of Rs 14,500 million and a ``F1(ind)`` rating to its short-term non fund-based limits of Rs 3,500 million.

Fitch has also affirmed BHL’s national issuer rating of ``A+(ind)`` and its Rs 7,500 million commercial paper/short-term program at ``F1(ind)``.

The ratings reflect the continued uncertainty over cane pricing which could have a potential impact on BHL`s profitability and cash flow. However, Fitch recognizes the improvement in sugar realisations during the past few months on the back of lower production forecasts by industry experts, and the benefits of BHL`s integrated operations.

In addition, the ratings continue to reflect BHL`s position as the largest sugar manufacturer in the country, its competitive cost structure, diversified revenue stream from its ethanol and power generation facility, and the relationship it enjoys with banks and institutions.

Other stocks from the same sector that looks good for short-term trading includes Balrampur Chini, Shree Renuka and Triveni Engg.