Firstcall Research has recommended 'Buy' on Steel Authority of India (SAIL) with target price of Rs 104 against market price Rs 86.30.

Commenting on the investment rationale, the stock broker said,"For the end of Q1 FY15, net profit increased by 17.51% to Rs 5298.80 million from Rs 4,509.10 million for the quarter ended Q1 FY14. Net Sales and Operating profit of the company are expected to grow at a CAGR of 8% and 5% over 2013 to 2016E respectively."

"The company is maintaining the momentum in sales growth, which will be supported by production of better and wider range of products like universal beam, wire rods and wider plates from the new state-of-the-art facilities coming up in phases. We recommend ‘Buy’ in this particular scrip with a target price of Rs104 for long term investment," it said.

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