After rallying for months, the Indian stock market has taken a turn. On Thursday, the Nifty 50 shed 113.90 points or 0.63% to be at 18,085 levels in the first half, while the BSE Sensex shed 396.67 points or 0.65% to trade at 60,670 levels in the first half.
With the decline in the markets, here are 5 fundamentally strong stocks that are trading at a discount of more than 40 percent from their highs:
Tech Mahindra Limited
The shares of Tech Mahindra were trading marginally lower at Rs 1,020 levels in the early hours of Thursday. The stock has been volatile and has shed approximately 4 percent in the past month. In January this year, the shares reached their 52-week high of Rs 1,838. Currently, it is trading at a discount of 44 percent from those levels.
Tech Mahindra, Part of the Mahindra Group, is an Indian multinational information technology company that provides a comprehensive range of IT services, including IT-enabled service, application development and maintenance, consulting and enterprise business solutions, etc.
Trident Limited
The shares of Trident Limited shed 4 percent in the early hours and were trading at Rs 32.80 levels. In the past five days, it has shed approximately 10 percent. In the first half of the year, the stock rallied and reached its 52-week high of Rs 70.35. Currently, it is trading at a discount of 52 percent.
Trident Limited, the flagship company of the Trident Group, is a leading manufacturer of yarn, Bath Linen, Bed Linen, and wheat straw-based paper, Chemicals, and Captive Power.
Indian Energy Exchange Limited
The shares of the Indian Energy Exchange lost approximately 2 percent in the first half of Thursday and were trading at Rs 138 levels. In the past five days, it has shed approximately 7 percent. In the first half of the year, the stock rallied and reached its 52-week high of Rs 272. Currently, it is trading at a discount of 48 percent.
Indian Energy Exchange is India’s premier energy marketplace, an automated trading platform for the physical delivery of electricity, renewables, and certificates.
Tata Elxsi Limited
The shares of Tata Elxsi declined by more than 3 percent on Thursday and were trading at Rs 6,041 levels. In the past five days, it has shed approximately 8 percent. The stock reached its 52-week high of Rs 10,760 in August this year. Currently, it is trading at a discount of 44 percent.
Tata Elxsi is amongst the world’s leading providers of design and technology services across industries including Automotive, Media, Communications, and Healthcare.
Polyplex Corporation Limited
Polyplex Corporation’s shares were trading 2 percent lower on Thursday’s session at Rs 1,569 levels. In the span of a month, the stock has shed approximately 14 percent. The stock reached its 52-week high of Rs 2,870.20 in April this year and is currently trading at a discount of 44 percent.
Polyplex Corporation is engaged in manufacturing of BOPP, Blown PP/PE, and CPP films used in the flexible packaging industry and in industrial usages like release liners, tapes, labels, etc.
Written by Anoushka Roy
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
