Technical analyst Pradeep Surekha has maintained 'buy' rating on Bhushan Steel Limited stock with a target of Rs 456.

According to analyst, the stock can be purchased with a stop loss of Rs 426.

The stock of the company, on December 14, closed at Rs 432.85 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 545 and a low of Rs 254 on BSE.

Current EPS & P/E ratio stood 43.94 and 10.05 respectively.

Bhushan Steel anticipates its profit to go up by a quarter during the existing fiscal year on the back of sturdy demand and bettered margins owing to backward integration.

Processed steel manufacturer has established a primary production plant for hot rolled steel coils to be utilized as raw material for its processed steel manufacturing facility, cutting down expenses.

The company sells 35-40% of its production to auto-manufacturers and the remaining 15-20% to consumer durables firms.

Bhushan Steel has recorded a net profit of Rs 2,590.20 million for the three month period ended Sept 2010, an increase of 36.93% as against Rs 1,891.60 million for the same period of 2009.

The company's total income surged 32.62% to Rs 17,305.10 million for the three month period ended Sept 2010 as against Rs 13,048.20 million for the same period of 2009.