Stock market analysts are of the view that investors can buy Tata Sponge Iron Ltd (TSIL) stock to achieve an intraday target of Rs 284.

According to them, investors can buy the stock with a strict stop loss of Rs 273.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 288.

Shares of the company, on Tuesday (Dec 22), closed at Rs 279.10 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 287.40 and a low of Rs 108.10 on BSE.

TSIL posted a substantial fall in its standalone net profit for the three month period ended September 2009.

During the period under review, the company's profit fell 69.80%, which stood to Rs 308.40 million as against Rs 1,021.30 million in the corresponding quarter of 2008.

The company's net sales fell 32.77% to Rs 2,349.40 million, whereas total income for the period dropped dropped 51.86% to Rs 1,146.80 million.

Set up in 1982, Tata Sponge Iron Ltd, formerly called as Ipitata Sponge Iron, was established as JV between Tata Steel and the Industrial Promotion and Investment Corporation of Orissa
(IPICOL). It turned an associate company of Tata Steel in the year 1991.

TSIL is headquartered in Bilaipada near Joda, in the Keonjhar region of Orissa in eastern India.