January 2024 has been a volatile month for the Indian stock market, touching its lifetime high to plunge to a major low, as IT and bank stocks struggled to rise on the benchmark indexes. On January 18, the benchmark Sensex was down by 757.36 points, settling at 70,751.77, while the Nifty faced a decline of 279.80 points, reaching 21,292.15.
The markets have had a challenging start in 2024, seeing extreme highs and lows in just the first three weeks of January.
Listed below are the large-cap stocks that are trading at stocks up to 23 percent from their 52-week high:
Tata Technologies Ltd
With a market capitalisation of Rs. 46,668 crores, the shares of the global engineering services company started Thursday’s trading session on a flatter note at Rs. 1,155.10. The shares hit a low of Rs. 1,130, making a loss of around 2 percent and closed the day at Rs. 1,150 apiece.
The company hit its 52-week or all-time high in November 2023 at Rs. 1,400 and, comparing the same with the current stock price prevailing in the market, there is a discount of approximately 18 percent.
Looking at the company’s financial statement, the revenue increased by around 25 percent from Rs. 3,530 crores during FY21-22 to Rs. 4,414 crores during FY 22-23. In addition, the net profit increased by 43 percent from Rs. 437 crores to Rs. 624 crores during the same timeframe. Furthermore, the company is set to announce the quarterly results on 25 January 2024.
HDFC Bank Ltd
With a market capitalisation of Rs. 11,28,357 crores, the shares of the largest private banking company started Thursday’s trading session on a lower note at Rs. 1,494. The shares hit a low of Rs. 1,480.05, making a loss of around 3 percent and closed the day at Rs. 1,486.15 apiece.
The company hit its 52-week or all-time high in July 2023 at Rs. 1,757.80 and, comparing the same with the current stock price prevailing in the market, there is a discount of approximately 18 percent.
Looking at the company’s financial statement, the net interest income (NII) declined by around 16 percent from Rs. 27,380 crores during the September quarter to Rs. 22,990 crores during 22,990. On a contrasting note, the net profit increased marginally by 3 percent from Rs. 17,718 crores to Rs. 17,312 crores during the same timeframe.
The recent decline in the share price of the country’s largest private lender began after it reported a key miss in net interest margins (NIM) in Q3FY24 due to the higher cost of funds and higher provisions and decadal low earnings per share (EPS) growth in Q3 also contributed to the decline.
Solar Industries India Ltd
With a market capitalisation of Rs. 62,465 crores, the shares of the explosives manufacturing company started Thursday’s trading session on a flatter note at Rs. 6,776.95. The shares hit a high of Rs. 6,945.95, gaining around 3 percent and closed the day at Rs. 6,913.80 apiece.
The company hit its 52-week or all-time high in November 2023 at Rs. 8,499 and, comparing the same with the current stock price prevailing in the market, there is a discount of approximately 19 percent.
Looking at the company’s financial statement, the revenue decreased by around 20 percent from Rs. 1,682 crores in the June quarter to Rs. 1,347 crores during the September quarter. On a contrasting note, the net profit increased by 4 percent from Rs. 202 crores to Rs. 209 crores during the same timeframe.
Polycab India Ltd
With a market capitalisation of Rs. 66,614 crores, the shares of the cables and wires manufacturing company started Thursday’s trading session on a higher note at Rs. 4,460. The shares hit a high of Rs. 4,549, gaining around 2 percent and closed the day at Rs. 4,436.05 apiece.
The company hit its 52-week or all-time high in December 2023 at Rs. 5,722.90 and, comparing the same with the current stock price prevailing in the market, there is a discount of approximately 23 percent.
Looking at the company’s financial statement, the revenue increased by around 9 percent from Rs. 3,889 crores during the June quarter to Rs. 4,218 crores during the September quarter. In addition, the net profit increased by 7 percent from Rs. 403 crores to Rs. 630 crores during the same timeframe. Furthermore, the company is set to announce the quarterly results on 18 January 2024.
The recent fall in the share price was seen after the Income Tax (I-T) department detected “unaccounted cash sales” of about Rs 1,000 crore from its recent raids on the company. Most of the investors are waiting for a reply from Polycab management.
Written By Vaibhav Patil
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