Buy Nagarjuna Fertilisers To Achieve Intraday Target Of Rs 29

Buy Nagarjuna Fertilisers To Achieve Intraday Target Of Rs 29Technical analyst Anil Singhvi has maintained 'buy' rating on Nagarjuna Fertilizers & Chemicals Limited stock with an intraday target of Rs 29.

According to Nirmal Bang Research, the stock of the company can be bought with a stop loss of Rs 26.75.

The shares of the company, on March 08, closed at Rs 27.20 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 42.45 and a low of Rs 25.80 on BSE.

Current EPS & P/E ratio stood at 2.61 and 10.41 respectively.

For the three month period ended December 2010, Nagarjuna Fertilizers & Chemicals said that its standalone net profit rose 2.75 times to Rs 333.71 million as against Rs 121.32 million during the same period last year.

Company's net sales during the quarter climbed 40.01% to Rs 8,534.99 million.

The total income during the period grew by 40.18% to Rs 8,554.33 million during the said period.

The company recorded an EPS of Rs 0.78 per share during the quarter, recording 2.79 times increase over previous year period.

Besides, the administration has already freed potassic and phosphoric fertilizers with the launching of NBS (nutrient-based Subsidy Scheme) wef April 2010.

But, it kept cost as well as movement of urea under control that comprises around half of the country's overall fertilizer utilization.