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