Stock market analysts are of the view that investors can buy Steel Authority of India Limited (SAIL) stock to achieve an intraday target between Rs 226-230.

According to them, investors can buy the stock above Rs 224 with a strict stop loss of Rs 220.

Shares of the company, on Wednesday (Nov 25), closed at Rs 222.80 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 237 and a low of Rs 38.50 on BSE.

Bajaj Hindusthan declared that its directors have approved expansion of power generation capacity by 400 mw through establishment of new coal based power facilities of 80 mw each at five different locations on the land adjacent to the subsisting sugar factories.

These new projects are likely to be finished by the next 20 months at a combined project cost of Rs 16 billion.

With this, the group power generating capability will augment from 430 mw to 830 mw.

The abovementioned plan was sanctioned on the board meeting held on Nov. 25, 2009.

Moreover, the company announced its plan to lift around Rs 2,000 crore by selling shares to finance its planned foray into the power sector.

The company’s directors sanctioned the plan which will be placed before the stockholders at an EGM on December 16.

A source said that the company, which had lifted Rs 723 crore in July 2009, might adopt the same path this time round. The company would actually lift half of the amount sanctioned by the board.

The planned fund raising will happen after six months that may result in 20-25% dilution of equity capital, hinging upon the valuation of the issue.