Stock market analyst Siddharth Bhamre of Angel Broking has maintained 'buy' rating on Maruti Suzuki India Limited stock for short term.

According to analyst, the interested investors can buy the stock on dips with a target of Rs 1420.

The stock of the company, on Sep 16, closed at Rs 1386.75 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1740 and a low of Rs 1186.30 on BSE.

Current EPS & P/E ratio stood at 82.35 and 16.93 respectively.

Maruti Suzuki has decided to make foray into the diesel mid C-sector by 2010-11 end with the introduction of a diesel-powered SX4 sedan.

Maruti Suzuki, which sells the petrol edition of SX4, will now challenge other diesel sedans in the section like Hyundai Verna, Ford Fiesta, Fiat Linea, Chevrolet Optra and the recently rolled out Volkswagen Vento.

During the meet, O Suzuki, Chairman and CEO, Suzuki Motor Corporation (SMC), Japan, which is the majority stakeholder in MSIL, announced that MSIL will invest around Rs 19.25 billion to establish a third facility at Manesar in Haryana.

The said investment will come from the company's internal accruals.

The new facility to be located at Manesar will have a yearly production capacitance of 2.5 lakh units.