Over 300 stocks have hit fresh 52-week low on the BSE including names like NALCO, Indiabulls Housing Finance, Vedanta, Indian Bank, NTPC, IDBI Bank, JSW Steel, Tata Chemicals, Coal India and Balkrishna Industries.
The move could affect Indian aluminium companies
The breadth of the market favoured the declines with 742 stocks advancing and 858 declining while 459 remained unchanged. On the BSE, 969 stocks advanced, 993 declined and 95 remained unchanged.
The Central Public Sector Enterprises (CPSEs) that are part of the Bharat-22 ETF include ONGC, IOC, SBI, BPCL, Coal India and Nalco.
Last month, the company said its board has approved a proposal to buy back shares worth Rs 504.8 crore.
The company had clocked a net profit of Rs 234.63 crore during the same quarter a year ago
The proposal to buyback is not exceeding 6,73,11386 equity shares in cash for an aggregate consideration not exceeding Rs 504,83,53,950
Thanks to correction in markets, few PSUs have come out with the buy backs and they are worth a look
To meet the challenges of providing alternative solutions to the packaging industry, NALCO would set up the manufacturing unit in the coming days, Tapan Kumar Chand, CMD of the Navaratna CPSE, said.
Motilal Oswal is bullish on Nalco has recommended buy rating on the stock with a target price of Rs 107 in its research report dated September 24, 2018.
Macquarie feels NALCO is the best play on alumina and maintained Outperform call on the stock with increased target price to Rs 87 from Rs 82 per share.
In appreciation of "outstanding" mines, environment and mineral conservation, NALCO was awarded the 'Par Excellence Award', a company release said on Tuesday.
Highlighting the performance of the company during the last fiscal, Chand said NALCO also achieved the highest-ever turnover of Rs 9,376 crore since inception, registering a growth of 26 percent over the previous year.
As per the Mou signed here on August 15, special steps would be taken for the promotion of Indian classical music in general and flute in particular.
Motilal Oswal is bullish on NALCO has recommended buy rating on the stock with a target price of Rs 108 in its research report dated August 08, 2018.
Chand said India is emerging as the youngest nation with 64 percent of population in the working group, and if this demographic dividend is properly cultivated, it will "increase GDP by 2 percent".
Strong earnings growth and cash in the books makes Nalco an attractive buy in aluminium space.
Tapan Kumar Chand, CMD, Nalco, attributed the success to team work, strong cost focus and strategic planning.
Nalco’s customers are of the opinion that the tariffs have been aimed at China and Russia more than at any other country. India was possibly part of collateral damage, they feel.
"We believe there is room for more upside in NALCO as the rally in aluminium prices will augur well for its earnings in the coming quarters," says Akash Jain, Vice-president, Equity Research at Ajcon Global Services.
36 stocks hit fresh 52-week high including Godrej Consumer, Mindtree, Godrej Consumer, Hindustan Unilever, JSW Steel, M&M Financial Services, VIP Industries and Pidilite Industries among others.
Kotak Securities is bullish on Nalco has recommended buy rating on the stock with a target price of Rs 100 in its research report dated April 16, 2018.