Technical analyst Salil Sharma maintained 'buy' rating on Syndicate Bank Limited stock with a target of Rs 120.

According to analyst, the stock can be purchased with a stop loss of Rs 113.

The stock of the bank, on Feb 21, closed at Rs 115.65 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 164.20 and a low of Rs 80 on BSE.

Current EPS & P/E ratio stood at 17.76 and 6.43 respectively.

As part of recapitalization package, the administration has decided to inculcate Rs 633 crore into the banking system.

The capital infusion is directed at shoring up the bank's equity base in order to augment lending to productive segments of the financial system.

The administration has decided to inculcate Rs 633 crore into the banking institution through preferential allotment of the equity.

The administration hads asked banking institution s to finish essential process by the end of March 2010.

Syndicate Bank has recorded an increase of 24.52% in its net profit for the three month period ended December 2010.

During the third quarter, the bank's net profit surged to Rs 2,561.90 million as against Rs 2,057.30 million during the corresponding quarter previous year.

In the meantime, bank's overall income for the quarter increased 17.92% to Rs 31,568.40 million from Rs 26,769.30 million during the same quarter last year.