Technical analyst Sanjay Surekha is of the view that investors can buy CMC Ltd stock for short term target of Rs 1400.

According to Surekha, the investors can buy the stock with a stop loss of Rs 1346

Today, the shares of the company opened at Rs 1330 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1525 and a low of Rs 476 on BSE.

Current EPS & P/E ratio stood at 94.59 and 14.57 respectively.

CMC Ltd announced a steady growth in standalone net profit for the three month period ended March 2010.

During the period under review, the company's profit increased by 17.89% to Rs 392.22 million as compared to Rs 332.69 million during the same quarter of 2009.

Net sales during the three month period fell 15.77% to Rs 1,754 million, whereas total income for the quarter dropped by 15.83% to Rs 1,776.12 million, when compared with the prior year period.

CMC Ltd registered earnings of Rs 25.89 per share in the quarter, registering 17.90% increase over previous year period.