Blue chip stocks are the darlings of seasoned investors. These are large mature companies with a history of stable financial performance. However, during the recent market crash of 2022, many blue chip stocks have also corrected heavily from their yearly highs.
Here are the top blue chip stocks trading at a huge discount to their 52-week highs and worth having a look at for your portfolio:
Avenue Supermarts
Avenue Supermarts Limited, also known as DMart, was founded in 2002 by the billionaire businessman and investor RK Damani and operates as a retail chain of hypermarkets in India.
Dmart reported a 3.11% increase in its consolidated net profit to Rs 426.75 crore for the fourth quarter ended March 2022. The company had posted a net profit of Rs 413.87 crore in the January-March quarter a year ago, Avenue Supermarts said in a BSE filing. Its revenue from operations rose 18.55 percent to Rs 8,786.45 crore during the quarter under review from Rs 7,411.68 crore in the corresponding quarter of the preceding fiscal.
Avenue Supermart stock is currently trading at the share price of Rs 3,617. The blue chip stock has declined over -23.17%% so far in 2022 YTD and plunged by -38.69% from its 52-week high of Rs 5,899.
Brokerage houses are bullish on Avenue supermart shares and ICICI Direct: Target has given a ‘Buy’ call on shares of Dmart with a target price of Rs 4,530 in a time period of twelve months.
Tech Mahindra
Tech Mahindra Limited is an IT Gaint and part of the Mahindra Group. It offers information technology services and consulting that includes application development and maintenance, consulting and enterprise business solutions, IT maintenance, etc.
Tech Mahindra reported a 39 percent jump in its consolidated net profit for March 2022 quarter at Rs 1,678.4 crore and exuded confidence that the positive business momentum will continue in the current fiscal. On a standalone basis, the Mahindra group company reported a post-tax profit of Rs 1,505 crore in the quarter under review as against Rs 1,081 crore a year ago. The fifth-largest IT services company closed FY22 with a standalone profit of Rs 5,566 crore as against Rs 4,428 crore in FY21.
Tech Mahindra stock is currently trading at the share price of Rs 1,113. The stock has plunged by -39.44% from its 52-week high of Rs 1,837. The Analysts from IDBI Capital have given a buy call for Tech Mahindra stock with a target price of Rs 1440.
Bajaj Finserv
Bajaj Finserv Limited, founded in 2007, is a part of the Bajaj Group and operates as an Indian non-banking financial services company. The firm is focused on lending, asset management, wealth management, and insurance.
BFS reported a 37.5 percent rise in its consolidated net profit to Rs 1,346 crore for the quarter ended March 2022. It had reported a net profit of Rs 979 crore in the year-ago period. Its consolidated total income rose 22.5 percent to Rs 18,862 crore during the January-March period of 2021–22, from Rs 15,387 crore a year ago, Bajaj Finserve said in a regulatory filing.
Bajaj Finserv stock is currently trading at the share price of Rs 12,408. The stock has declined over -26.80% so far in 2022 YTD and plunged by -35.77% from its 52-week high of Rs 19,319.
On 2nd May, ICICI Direct has given a ‘Buy’ Call on Bajaj Finserv at a Target price of Rs 18,900 and a target period of twelve months.
UltraTech Cement
UltraTech Cement Limited, founded in 1983, is an Indian cement company and a part of the Aditya Birla Group. It is primarily engaged in the manufacturing and sale of Cement and Cement related products and is the largest manufacturer of grey cement, ready-mix concrete, and white cement in India.
The company reported an increase of 47.32 percent in its consolidated net profit at Rs 2,613.75 crore for the fourth quarter ended March 2022, led by improved demand situation and effective capacity utilization. Its revenue from operations for the financial year ended on March 31, 2022, was at Rs 52,598.83 crore.
As per the company, UltraTech Cement has now become a Rs 50,000 crore turnover company and the first Indian cement company to achieve this milestone.
UltraTech cement stock is currently trading at the share price of Rs 6,088. The stock has declined over -21.22% so far in 2022 YTD and plunged by -26.35% from its 52-week high of Rs 8,267.
Tata Steel
Tata Steel Limited, founded in 1907, is an Indian MNC steel-making company and a part of the Tata Group. It operates across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products.
Tata Steel posted a 37 percent jump in consolidated net profit at Rs 9,835.12 crore for the quarter ended March 2022, mainly on account of higher income. The steel major had reported a net profit of Rs 7,161.91 crore in the year-ago quarter, it said in a BSE filing.
Tata Steel stock is currently trading at the share price of Rs 1,122. The stock has declined by -26.83% from its 52-week high of Rs 1,534. The brokerage firm ICICI Direct has given a buy call on ICICI Direct with a target price of Rs 1,500 and a target period of the next 12 months.
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.
