Technical analyst Hitendra Vasudeo has maintained 'buy' rating on Gujarat NRE Coke Limited stock with targets of Rs 50.50 and 53.

Mr. Vasudeo said that the investors can buy the stock with a stop loss of Rs 47.50.

The shares of the company, on March 17, closed at Rs 49.50 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 85.45 and a low of Rs 42.25 on BSE.

Current EPS & P/E ratio stood at 1.03 and 47.92 respectively.

Gujarat NRE Coke Limited is anticipating coking coal contract rates to go up above $300 per tonne by the coming month.

For the existing quarterly period, coking coal contract rates remained at $225 per tonne.

Mr. Arun Kumar Jagatramka CMD of Gujarat NRE Coke stated, "Quarterly coking coal contract price which was set at USD 225 per tonne for this quarter could go above USD 300 per tonne from April 2011. Coking coal supply is stuck due to floods in Australia which is pushing up the prices."

Gujarat NRE Coking Coal, the Australian division of the Kolkata-based Gujarat NRE Coke, will

Make an investment of around $200 million annually by the next two years with the aim to strengthen and update its coking coal mines in the country.

The arm, listed on the Australia's bourse, runs two coking coal mines at Wollongong.

It has lifted up AUD 72 million via an institutional placement at 72 cents per share.

Accompanying this placement, Gujarat NRE Coke's holding stake in the arm will drop to around 69% from 77%.