Stock market analyst Hitendra Vasudeo has maintained ‘Buy’ rating on Welspun Gujarat to achieve an intraday target that lies between Rs 241.60-Rs 273.60.

According to Mr. Vasudeo, huge buying interest witnessed in this counter, and the stock has been consolidating around 229-237, and it will break the range with huge volumes in today’s session.

The stock can be purchased on dips with a stop loss of Rs 199.

Shares of the company, on Wednesday (June 03), closed at Rs 230.45 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 15.23 & 15.43 respectively. The share price has seen a 52-week high of Rs 392.90 and a low of Rs 48.50 on BSE.

Welspun-Gujarat Stahl Rohren Ltd has recorded PAT of Rs 2335.70 million during the year ended March 31, 2009 as against Rs 3514.20 million during March 2008.

For the year ended March 31, 2009, the company’s total Income surged to Rs 58961.90 million from Rs 40211.80 million.

Mr. BK Goenka, VC and MD, Welspun Gujarat Stahl Roh stated that the company is eyeing topline of Rs 8000 crore and operating profit margin (OPM) of 13-15% during the existing fiscal.

At its meeting held on May 29, 2009, the company’s directors declared dividend of 30% on Equity shares (Rs 1.50 per share of face value of Rs 5 each).

Welspun Gujarat Stahl Rohren, in April 2009, announced the commissioning of its production plant outside India in Little Rock, Arkansas, USA.