Stock market analyst Hitendra Vasudeo has suggested investors to 'sell' Maharashtra Seamless stock.

According to Mr. Vasudeo, investors can sell the stock around Rs 239.20-Rs 243.80 with a stop loss of Rs 249 to achieve a target between Rs 231.50-Rs 219.10.

Today (July 16), the shares of the company opened at Rs 242 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 35.86 & 6.83 respectively. The share price has seen a 52-week high of Rs 328 and a low of Rs 111.80 on BSE.

Mr. Vasudeo said that it is advantageous to sell the stock in today’s session as the counter has been going through huge pressure from the last few trading sessions.

After selling the stock, the interested investors can purchase the stock again at a low price, for medium term prospective to make good profits.

For the three month period ended March 2009, Maharashtra Seamless declared a growth of 19.57% in its standalone net profit, which stood at Rs 646.30 million as against Rs 540.50 million during the same period quarter previous year.

Net sales during the period rose 42.99% to Rs 5,495.60 million, whereas total income for the quarter increased 39.01% to Rs 5,507.10 million.

The company recorded EPS of Rs 9.16 during the quarter.

Incorporated in 1988, Maharashtra Seamless is a flagship company of DP Jindal group. It is the biggest maker of seamless steel pipes and tubes in India.

The company’s broad product collection covers up sizes and specifications catering to various applications including the oil & gas segment, hydrocarbon industry, boilers & heat exchangers, automotive, bearing and general engineering.