Technical analyst Somil Mehta of Sharekhan has maintained 'buy' rating on Nagarjuna Fertilizers & Chemicals Limited stock with an intraday target of Rs 31.60.

According to analyst, the stock can be purchased with a stop loss of Rs 27.60.

The stock of the company, on February 21, marked its closure at Rs 264.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 42.45 and a low of Rs 25.80 on BSE.

Current EPS & P/E ratio stood at 2.61 and 11.10 respectively.

Nagarjuna Fertilizers and Chemicals has announced an over two-fold increase in its net profit to Rs 33.37 crores for the three month period ended December 31, 2010.

Nagarjuna Fertilizers had registered a net profit of Rs 12.13 crore during the same period of last year (2010).

The net sales of the company grew by 40 per cent to Rs 854.58 crore for the quarter under review from Rs 610.71 crore for the corresponding period previous year.

RS Nanda, Nagarjuna Fertilisers, said that the company will go up by around 50% in sales.

From a level of Rs 2,000 crore, the total sale figure of the company is expected to be around Rs 3,000 crore for the year.