3 Shares That Have Fallen To 52-Week Lows Making Them Attractive Picks

By Sunil Fernandes
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    Markets have turned volatile and have fallen almost 4 per cent last week. Select stocks are now available at 52-week lows, which means you are getting to buy them at the lowest level in the last one year.

     3 Shares That Have Fallen To 52-Week Lows Making Them Attractive Picks
    ITC: Quotes, News
    BSE 303.75BSE Quote4.1 (1.35%)
    NSE 303.95NSE Quote4.3 (1.41%)
    Canara Bank: Quotes, News
    BSE 239.60BSE Quote6.9 (-2.88%)
    NSE 239.35NSE Quote6.85 (-2.86%)
    Reliance Industries: Quotes, News
    BSE 1216.85BSE Quote6.55 (0.54%)
    NSE 1217.50NSE Quote6.75 (0.55%)
    We are recommending 3 stocks which are not only attractive because they have fallen, but also because they are fundamentally strong.

    Canara Bank

    Canara Bank last week dropped to a 52-week low of Rs 307.10. What makes the stock good buy is that it is attractively valued at the current levels. It's important to note that Canara Bank has over the quarters managed to control its non performing assets much better than other public sector banks.

    Secondly, the full year EPS for 2014-15 was around Rs 58.59. This translates into a price to earnings ratio of just 5.27 times at the current market price of Rs 309.

    Also, the bank has declared a dividend of almost Rs 10.10 per share making it further attractive. If economic growth improves, there is a high possibility that the non performing assets would improve and the stock could surge. Expect at least a 50 per cent rally in the next two years

    ONGC

    Oil and Natural Gas Corporation (ONGC) is another decent stock to own as the share hit a 52 week low of Rs 297 on the National Stock Exchange. A fall in crude prices has over the last few months pushed the stock price of ONGC lower.

    There is been a performance dip in 2014-15 as compared to the previous years. This is on account of falling crude prices. One cannot expect crude prices to fall dramatically in the next next few months after significant corrections lately.

    The stock is quoting at a price to earnings multiple of around 14 times which is certainly not very expensive. In terms of price to book also it is not very expensive considering that it is under 2 times.

    ITC

    ITC fell to a 52-week low of Rs 295.25 0n Friday, but recovered a little ground in trade to close at Rs 305. The stock has been hit due to quarterly numbers that lagged estimates. A ban on loose sale cigarette in Maharashtra also affected sentiments.

    The stock maybe a good bet around the 290 levels as it has fallen significantly.

    GoodReturns.in

    Read more about: itc canara bank ongc
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