Technical analyst Imtiaz Qureishi has maintained 'buy' rating on Jindal Iron & Power Limited stock with a target of Rs 740.

The analyst said that the stock can be purchased with a stop loss of Rs 690.

The stock of the company, on December 30, closed at Rs 718.90 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 754 and a low of Rs 605 on BSE.

Current EPS & P/E ratio stood at 19.15 and 37.37 respectively.

Country's second-biggest manufacturer of the alloy by market value Jindal Steel & Power Ltd has decided to set up its initial oil refinery to strengthen its energy biz in the Indian as well as abroad markets.

Arm Jindal Petroleum Ltd. may establish the refinery with a capacitance of 1 million metric tons.

Jindal Steel and Power is anticipating to openly list its power division, Jindal Power, by the next 3-5 months as it aims to lift up Rs 7,000 crore through the listing.

Jindal Steel and Power has already registered the DRHP and will file the red herring prospectus (RHP) soon, said the official.

In addition, JSPL declared that Shadeed Iron & Steel Co. (Shadeed), an arm of the company, has began trial fabrication around 4-months prior to schedule with the fabrication of hot briquetted iron (HBI) on Dec. 05,
2010 earlier than the target date of Mar. 31, 2011.