Technical analyst Mitesh Thacker has maintained 'buy' rating on Indian Bank stock to achieve a short term target of Rs 240.

According to analyst, the stock can be purchased with a stop loss of Rs 209.

Today, the stock of the bank opened at Rs 223.45 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 316.50 and a low of Rs 163 on BSE.

Current EPS & P/E ratio stood at 39.21 and 5.51 respectively.

Public sector lender, Indian Bank is making plans to raise its attendance in the Indian market even further by introducing 100 more divisions in the forthcoming financial year.

Mr. Rajeev Rishi, Executive Director of the bank stated that out of 100, 25 arms are targeted in Kerala.

The bank's subsisting division count remains at 1800 in India and 3 offshore arms one each in Singapore, Colombo and Jaffna.

Mr. Rishi added that Indian Bank is eyeing to increase its division count to 2500, personnel to 25000 and biz to Rs 5 lakh crore and net profit to Rs 2500 crore by 2014.

The bank said that its main focus would be on the rustic parts of India.

As part of the financial inclusion project, Indian Bank eyes to cover up 20,000 villages by 2013.