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5 Blue Chip Stocks that have Corrected 50% In The Market Carnage
Stocks have fallen and fallen sharply as the mayhem on account of the Chinese growth story continues to rattle global markets. Several stocks have corrected sharply in the last few days. Here are 5 stocks that have corrected more than 50 per cent from their 52-week highs.
NMDC
From levels of Rs 182 seen exactly a year back, the shares of NMDC has crashed to Rs 92.
The dividend yield works out to 9 per cent at the current market price of Rs 92. What this means is that the dividend yield is much better than interest rates that one gets from bank deposits.
Kaveri Seeds
Shares of Kaveri Seeds have dropped from levels of Rs 1050 to the current levels of Rs 457. The stock on Monday hit a 52-week of Rs 404. This is a low equity based blue chip stock, which is also debt free and huge cash on its books. The stock has fallen sharply on account of worries over cotton acreage and seed demand for cotton. Many analysts are now recommending to buy the stock after the recent declines.
Tata Motors
Tata Motors has corrected from levels of Rs 606 to the current price of Rs 328. Demand for the company's products from China has affected the share price of the company. Tata Motors gets a significant portion of its revenues from China. Fears that Jaguar Land Rover sales maybe affected due to slowdown in China has badly affected the stock price of the company.
Just Dial
Just Dial has seen relentless selling pressure in the last few trading sessions. The stock has fallen from a 52-week high of Rs 1767 to the current price of Rs 791. The company is a niche player and provides search services via the Phone, Web, Mobile and SMS.
Though the above companies share prices have fallen, one cannot be sure whether there will be further decline. Stocks like Kaveri Seeds and Tata Motors look interesting at the current market price. Some of them are very volatile like Kaveri Seeds and Just Dial as they have a low equity base.
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