Technical analyst Salil Sharma is bullish on Alok Industries Limited and has maintained 'buy' rating on the stock with a target of Rs 29 and more.

The analyst said that the stock can be purchased with a stop loss of Rs 24.

The stock of the company, on April 11, ended at Rs 24.25 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 35 and a low of Rs 18 on BSE.

Current EPS & P/E ratio stood at 3.96 and 6.45 respectively.

According to fresh reports, Niraj Realtors and Shares bought 46,00,000 shares of the company on April 06 and 08 in the open market under creeping acquirement.

The promoter group's share in the company's paid up capital remained at 28.93% as compared to 28.35%.

For the three month period ended December 31, 2010, the leading integrated textile companies in the country recorded an increase of 55.80% in its net profit.

During Oct-Dec period, the company's net profit increased to Rs 905.20 million as compared to Rs 581 million during the corresponding period of 2009.

In the meantime, the company's net sales for the period under review grew by 48.97% to Rs 16,125.80 as against the prior year period.