As per views of stock market analysts, day traders can purchase Welspun Guj stock above Rs 375 to achieve an intraday target of Rs 387.

If the stock market remains positive, the next target for the day will be above Rs 388. The stop loss marked for the suggested stock is Rs 388.

Shares of the company, on Wednesday (May 28), closed at Rs 358.95 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 149595. The share price has seen a 52-week high of Rs 537.7 and a low of Rs 162.25 on BSE.

The stock has great potential. It can still exhibit superb surge. The long term traders are recommended to hold the stock.

Welspun-Gujarat Stahl Rohren disclosed a phenomenal rise in standalone net profit for the quarter ended March 2008 but below the analysts’ expectation.

During the quarter, the profit of the company zoomed 2.46 times to Rs 1,022 million from Rs 415 million in the same quarter, last year. The analysts` polled by Bloomberg had estimated earnings of Rs 1,229 million.

The company posted earnings of Rs 5.95 a share during the quarter, registering 95.08% growth over prior year period. The analysts` had predicted earnings of Rs 6.9 a share during the quarter.

Net sales for the quarter surged 68.59% over previous year period to Rs 12,275 million, while the analysts` had estimated net sales at Rs 13,171 million. Total income for the quarter jumped 69.37% to Rs 12,383 million compared with the prior year period.

The board of directors has recommended dividend of 30%, or Rs 1.50 a share of face value of Rs 5 each.

Other stocks from the same sector that looks good for short term trading includes Jindal Saw, PSL and Man Industries.