Technical analyst Amit Gupta of ICICI Securities has maintained 'buy' rating on Bajaj Hindustan Limited stock with targets of Rs 125 and 134.

The analyst said that the stock can be purchased on dips of 1-2%.

The stock of the company, on December 28, closed at Rs 118.85 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 242.90 and a low of Rs 100.25 on BSE.

Current EPS & P/E ratio stood at 2.71 and 44.18 respectively.

Bajaj Hindusthan declared that the company through a group has inked a MOU with the Uttar Pradesh administration for establishing a mega power project of 1980 MW (3 X 660MW) at Bargarh in the state.

The project cost is projected to be about Rs 50 million per MW in addition to cost of dedicated transmission lines and allied systems and facilities as may be necessitated.

Bajaj Hindusthan has committed investments worth Rs 22,500 crore in different power projects to line up in Uttar Pradesh by the coming 4-5 years.

Previously, the company had entered into an MoU in April 2010, to establish another 1,980 MW power plant in Lalitpur region. This power project is likely to be licensed by the next four years.