Stock market analyst Siddharth Bhamre of Angel Broking has maintained 'buy' rating on Steel Authority of India Ltd (SAIL) stock to achieve a target of Rs 197.

According to analyst, the interested investors can buy the stock around Rs 185-186 with strict stop loss of Rs 197.

The stock of the company, on August 30, closed at Rs 186.75 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 258.55 and a low of Rs 156.40 on BSE.

Current EPS & P/E ratio stood at 15.98 and 11.63 respectively.

In contradiction of previous reports, the equity holding arrangement of the planned JV between SAIL and POSCO is still under way, and it is likely that both the companies may have an equal share.

Steel Authority of India, on Aug 25, announced that a cheque worth Rs 145 million has been received as its dividend share for the fiscal 2009-10, from NTPC - SAIL Power Company (NSPCL).

SAIL, on August 12, announced that it is looking at refreshing Fertilizer Corporation of India`s Sindri facility.

The company said that a new steel facility would come up on the same premises.

SAIL has decided to make an investment of Rs 300-350 billion on this project.