Stock market analyst Ashwani Gujral has maintained ‘Buy’ rating on Indian Bank to achieve a target between Rs 155- Rs 160 in the coming days.

According to Mr. Gujral, interested traders can buy the stock with a strict stop loss of Rs 138.

Shares of the company, on Tuesday (June 30), closed at Rs 146.35 on the Bombay Stock Exchange (BSE). The total volume of the shares traded stood at 394,414. The scrip hit an intraday high of Rs 148 and an intraday low of Rs 139.15.

Current EPS & P/E ratio stood at 28.98 and 5.05 respectively. The share price has seen a 52-week high of Rs 153 and a low of Rs 63.75 on BSE.

Mr. Gujral said that the stock is ready to hit a new 52-week in the coming days. So, the investors must buy the stock to reap good returns.

For the year ended March 31, 2009, Indian Bank has registered a growth of 20.33% in the consolidated net profit.

The company registered a net profit after minority interest of Rs 12,551.50 million as against Rs 10,431.20 million for the year ended March 31, 2008.

In the meantime, total income stood at Rs 78,791.90 million, a growth of 25.70% as against Rs 62,684.50 million during the same quarter previous year.

Indian Bank, during the year posted earnings of Rs 27.96 per share, an increase of 24.16% over the prior year period.

Indian Bank is a fast growing PSU bank. It has continuously increased dividend, since it got listed 2 years back. In FY 10, it is likely to show an EPS of Rs 34, at CMP Rs 100, it trades at 2.9PE on FY 10 estimates and 5% Dividend yield on current earnings.