Stock market analyst Hitendra Vasudeo of stockmechanics.com maintained ‘Buy’ rating on Patel Engineering to achieve a target of Rs 484.30 in the coming days.

According to Mr. Vasudeo, interested traders can buy the stock around Rs 453.60-Rs 434.70 with a strict stop loss of Rs 422.

Mr. Vasudeo also said that if the stock market remains on the positive track, the stock will hit another target of above Rs 530.

Shares of the company, on Friday (July 4), closed at Rs 465.35 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 25.72 and 17.95 respectively. The share price has seen a 52-week high of Rs 472.55 and a low of Rs 103.15 on BSE.

Infrastructure construction firm Patel Engineering announced that its net profit surged 25.23 per cent to Rs 63.22 crore during the fourth quarter ended March 31, 2009, as against the same period last year.

The company made a net profit of Rs 50.48 crore during the same period ended March 2008.

The company net sales rose to Rs 964.99 crore for the three month period ended March 31, 2009 from Rs 726.77 crore in the same period previous year.

For the year 2008-09, Patel Engineering recorded a net profit of Rs 180.48 crore, up 19.52%, as compared to Rs 151 crore during the same period last year.

The Company’s board announced a dividend of Rs 0.95 a piece for the year 2008-09, subj ect to the approval of members.

Patel Engineering said that it expects order book position to cross Rs 90 billion mark by mid of year.

As on March 31, 2009, the company’s order book position stood above Rs 72 billion. The optimism in the order book position to continue in the coming quarters.