Technical analyst Amit Gupta of ICICI Securities has maintained 'buy' rating on Syndicate Bank stock with a target of Rs 113-114.

According to analyst, the stock can be purchased on dips.

The stock of the company, on January 11, closed at Rs 102.50 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 164.20 and a low of Rs 80 on BSE.

Current EPS & P/E ratio stood at 16.79 and 6.23 respectively.

For the three month period ended September 30, 2010, Syndicate Bank has recorded an increase of 33.34% in its net profit, which stood at Rs 2,371 million as compared to Rs 1,778.10 million for the corresponding quarter a year ago.

Total income of the bank surged 5.40% to Rs 29,728 million during July-September quarter as against Rs 28,206.40 million for the same quarter of 2009.

Set up in 1925, the banking institution had its first office in Udupi.

Syndicate Bank, together with 13 major commercial banking institutions of the country, got nationalized on 19 July 1969, by the Indian administration.

The scrips of the bank got listed on Bombay Stock Exchange, National Stock Exchange, Mangalore Stock Exchange and Bangalore Stock Exchange.