As per views of technical analyst Rajat K Bose, day traders can purchase Balrampur Chini stock on declines to achieve an intraday target of Rs 104.

If the stock market remains positive, the next target for the day will be above Rs above 107. The stop loss marked for the suggested stock is Rs 98.90.

Shares of the company, on Thursday (May 8), closed at Rs 101.60 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 3022179. The share price has seen a 52-week high of Rs 127.9 and a low of Rs 49.9 on BSE.

Balrampur Chini stock has much potential to climb to the target price as the company has good growth prospects considering its projects under implementation and influential future plans.

The company has registered a phenomenal increase in standalone net profit for the quarter ended March 2008, helped by significant improvement in operating efficiency.

During the three month period, the company’s profit climbed 3.29 times to Rs 656.50 million from Rs 199.70 million in the same quarter previous year.

The company posted earnings of Rs 2.57 a share during the quarter, registering 3.21 times growth over prior year period.

Net sales for the quarter declined 22.39% to Rs 3,080 million, while total income for the quarter fell 22.04% to Rs 3,111.60 million, when compared with the prior year period.

During the quarter, the operating margin of the company decreased to 42.65% compared with 14.08% in previous year period.

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