Markets struggle: At least 100 stocks hit 52-week low on NSE
Indian markets struggled in trade on Thursday with the Sensex falling more than 200 points while the Nifty sank over 50 points. Weak Asian markets also weighed as the Nikkei slumped more than 800 points on worries the U.S. Fed would trim its stimulus programme in the coming months.
The rupee also remained weak, trading below 58 versus the dollar, as Finance Minister P. Chidambaram did not announce any concrete steps to arrest its fall.
At least 100 stocks had touched their 52-week low on the National Stock Exchange (NSE) during trade, data showed. Here’s a look at some stocks that hit a one-year low during Thursday’s trade:
Kingfisher Airlines (52-week low at 4.35 rupees) - The grounded carrier has struggled on the bourses as well, with the stock losing 27.5 percent this month. The airline posted a loss of $380 million recently. Chairman Vijay Mallya had told Kingfisher staff he does not have the money to pay their pending salaries.
Tata Steel (52-week low at 269.10 rupees) - The company’s shares have struggled in 2013, with the stock down more than 35 percent. Late in May, it posted better-than-expected quarterly operating profit for the Jan-March period. “We maintain our positive stance on Tata Steel owing to its buoyant business outlook,” Angel Broking said in a note on May 24.
Sterlite (52-week low at 82.25 rupees) – The stock has lost nearly 30 percent so far this year. The Supreme Court of India said on June 10 that Sterlite’s copper smelter can reopen as scheduled and operate until at least the second week of July.
SAIL (52-week low at 53.9 rupees) – The company’s stock is down around 40 percent in 2013 and reported a 71.66 percent fall in March-quarter net profit recently. According to Thomson Reuters data, 17 of the 39 analysts covering the stock have a sell or equivalent rating on SAIL.
MMTC (52-week low at 189.05 rupees) – The government is selling a 9.3 percent stake in the state miner through an auction of shares on Thursday. The stock has lost 70 percent this year.
Some other stocks that touched a one-year low: Suzlon Energy, NMDC, NALCO, Tata Communications, Tata Power, UB Holdings, Lanco Infra, JP Associates, JP Infra, Hotel Leela, GTL, GTL Infra, Educomp, Crompton Greaves.
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