16 large-cap stocks including HDFC Bank, RIL trading near 52-week lows; check complete list

Notably, 16 large-cap stocks are currently trading near their 52-week lows, with a range from 1% to 10%. Among these 16 stocks, eight are constituents of the Nifty 50 index, comprising UPL, HDFC Bank, HUL, Kotak Mahindra Bank, Reliance Industries, Wipro, TCS, and Asian Paints. The remaining eight include Hindustan Zinc, SBI Cards and Payment Services, Pidilite Industries, Dabur India, SRF, Vedanta, Adani Wilmar, and Adani Total Gas, Trendlyne data showed.

Extending their downward trend, Hindustan Zinc shares started November on a sour note, falling 1% to ₹294.0 apiece, and in the last three months, the shares have lost 8.37% of their value. As a result, the stock is now trading close to its one-year low of ₹283.6, with just a 3.66% difference. Previously, the stock hit its 52-week low in November 2022.

In Q2 FY24, the company posted an 18.5% YoY drop in standalone revenue to ₹6,620 crore, while its net profit fell by 35.2% YoY to ₹1,737 crore. Following the company’s Q2 numbers, domestic brokerage firm Geojit Financial Services has retained its ‘reduce’ rating on the stock with a target price of ₹258 apiece, signalling a 12.3% drop from the stock’s previous closing price.

Asian Paints stock has been on a declining trend since the company released its Q2FY24 results. On October 26, the firm reported a modest 0.3% year-on-year increase in revenue from operations, reaching ₹8,478.57 crore for the quarter, primarily due to subdued demand, a delayed festive season, and erratic monsoon rains.

Following the Q2 results, the stock has fallen by 4% to its current level of ₹2,940, coming within 10.8% of its one-year low of ₹2,685.85 per share. Several domestic brokerage firms have also adjusted their target prices for the stock after the Q2 results. Nuvama Wealth Management lowered its target price to ₹3,505 apiece from the earlier ₹4,045 while maintaining a ‘buy’ rating. Motilal Oswal holds a ‘neutral’ view with a target price of ₹3,100.

Also Read: Asian Paints share price drops post Q2 results; should you buy, sell or hold the stock?

Likewise, HDFC Bank shares have seen a 13.25% decline over the past three months, moving from ₹1,701 to ₹1,476. This puts the shares near their 52-week low of ₹1,460.25, with just a 1.07% difference at the current market price of ₹1,476. In September, the bank mentioned the potential for a temporary deterioration in net interest margin (NIM), net worth, and asset quality due to its merger with the parent company Housing Development Finance Corporation (HDFC).

Another private sector lender Kotak Mahindra Bank’s shares are also gradually approaching their 52-week low of ₹1,643.50. With the current market price of ₹1,737.70, they are just 5.73% away from reaching their one-year low. Over the last six months, the bank’s shares have seen a 6% decline.

Also Read: Kotak Mahindra Bank share price drops over 2% Post Q2 Results; here’s what brokerages say

Reliance Industries, India’s largest company by market value, experienced a 10.16% decline in its stock price from July to September. Over this period, the share value dropped from ₹2,547 per share to ₹2,288. Although there was a slight 1.37% rebound in the first two trading sessions of November, the shares are currently trading near their 52-week low of ₹2,180, with a marginal 6.43% gap.

For the second quarter of fiscal year 2024 (Q2FY24), the company reported a strong 29.7% year-on-year increase in consolidated net profit, reaching ₹19,878 crore. Revenue from operations for Q2FY24 rose to ₹231,886 crore from ₹229,409 crore, indicating a 1.07% growth.

Also Read: TCS share price in focus post Q2 results: Brokerage views mixed on muted earnings

Tata Consultancy Services (TCS), India’s largest IT company, faced a nearly 5% decline in its stock value over the past three months, falling from ₹3,534 to ₹3,360. The stock is currently trading with a 9.44% gap from its 52-week low of ₹3,070. 

Following the release of its Q2 results on October 12, the stock witnessed a significant selling pressure, resulting in an 8.21% decrease in its value over the subsequent 16 trading sessions.

Another IT major stock, Wipro, has been on a downward spiral since September, losing 6.12% of its value to date. In CY23, the stock had only one month, April, with a gain of over 5%. Currently, it is trading 9.02% away from its 52-week low of ₹352.

Other stocks including UPL, HUL, SBI Cards and Payment Services, Pidilite Industries, Dabur India, SRF, Vedanta, Adani Wilmar, and Adani Total Gas are currently trading 3% to 8.5% away from their respective 52-week lows.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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Updated: 03 Nov 2023, 02:17 PM IST