Stock market analyst Ashwani Gujral maintained ‘Buy’ rating on Syndicate Bank to achieve an intraday target of Rs 95.

According to Mr. Gujral, investors can buy the stock around Rs 82 with a stop loss of Rs 76. If the stock market remains positive, the next intraday target should be above Rs 100.

Shares of the company, on Tuesday (June 02), closed at Rs 81.85 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 17.49 & 4.79 respectively. The share price has seen a 52-week high of Rs 82.90 and a low of Rs 37.65 on BSE.

Mr. Gujral said that the stock is going to hit another 52-week high in today’s session. So, investors must buy it to make good returns.

Syndicate Bank announced a phenomenal growth in standalone net profit for the three month period ended March 2009.

During the said period, the company’s profit surged 63.66% to Rs 2,066.40 million as against Rs 1,262.60 million during the corresponding the quarter last year.

Interest earned during the period climbed 17.69% to Rs 25,120.70 million, whereas total income increased 21.01% to Rs 28,756.70 million.

The bank has recorded earnings of Rs 3.96 per share during the period under review.

Moreover, the bank’s directors announced a final dividend of 15% for the year 2008-09 as well as the interim dividend of 15%, subject to approval of shareholders at the annual general meeting.