Stock market analyst Ashwani Gujral has maintained ‘Buy’ rating on IVRCL Infrastructure and Projects Ltd to achieve an intraday target of Rs 444.

According to Mr. Gujral, interested traders can buy the stock around Rs 350-353 with a strict stop loss of Rs 330.

If the stock market remains on positive track, the stock pricing becomes more attractive.

Shares of the company, on Thursday (June 04), closed at Rs 360.50, up 23.35 points (6.93%), as against its last closure at Rs 337.15 (on June 03) on the Bombay Stock Exchange (BSE).

Current EPS and P/E of the stock stood at 399.80 & 56.50 respectively. The share price has seen a 52-week high of Rs 185 and a low of Rs 65.13 on BSE.

Mr. Gujral also said that the stock is going to hit another 52-week high in today’s session. So, investors must buy it to reap good returns.

The company operating in the infrastructure sectors of water and environment, transportation, buildings and industrial structures, and power has registered a marginal growth in its standalone net profit for the three month period ended March 2009.

The company’s profit during the quarter increased 8.98% to Rs 798.82 million as against Rs 733.03 million during the corresponding quarter last year.

The company’s net sales surged 23.12% to Rs 16,272.49 million, whereas total income for the quarter increased 23.67% to Rs 16,359.30 million.

It posted 6.79% growth in its EPS, which stood at Rs 5.98 per share during the quarter.

The company’s directors declared a dividend of 70% for the year 2008-09 at Rs 1.40 per equity share of Rs 2 each.

IVRCL Infrastructures & Projects, on May 27, announced that the company’s water division has pocketed the orders worth Rs 2.99 billion from the Public Health Engineering Department, Government of Bihar.

The scope of orders includes appraising, compilation of hydrological data, design, thorough engineering, building, supply, mechanism, commissioning of multi-villages surface water supply scheme, aggregating 41.18 MLD capacity, for Arsenic affected habitations/ villages under Bidupur and adjoining blocks of Vaishali district; Simri & Buxar blocks of Buxar district and Maner block of Patna district on turnkey basis.