Technical analyst Nishant Jain of Tradeswift Broking is bullish on Steel Authority of India Limited (SAIL) and has maintained 'buy' rating on the stock with an intra-day target of Rs 163.

According to Nishant Jain, the stock can be purchased with a stop loss of Rs 155.

The stock of the company, on March 17, closed at Rs 158.55 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 258.55 and a low of Rs 152.50 on BSE.

Current EPS & P/E ratio stood at 13.22 and 12.25 respectively.

SAIL has inked a memorandum of understanding (MoU) with the Steel Ministry for the year 2011-12.

The company has also integrated novel key thrust regions, comprising business governance, green supply chain and global coalitions in the deal for FY '12.

It is notable that the company's performance regarding MoU parameters has obtained 'Excellent' rating since 2002-03.

According to the deal for FY '12, the company plans to attain higher marketable steel production than planned for 2010-11 by making use of over 114% of capacity.

In addition, SAIL is ready to exceed its production objective for the existing financial year (2010-11) by more than 4% on account of better capacity usage.

SAIL has preserved its thrust on creation of special value-added steels and also aims to fabricate higher volumes than planned for the former year.