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Sometimes, it's always a good idea to look at some beaten down shares that can be good contrarian bets. Shares could be beaten down because of adverse news flow. Let's say for example, a pharma company which is a blue chip company has some US FDA issues and the shares get beaten down.
Tata Motors
Shares in Tata Motors have fallen from a high of Rs 606 seen in early Feb to the current levels of Rs 402. The one reason for the fall in the share price was the sharp crash seen in the Chinese stock markets. Sentiments were affected as there was a feeling that wealth erosion through the capital markets in China could have an impact on Tata Motors' Jaguar Land Rover models in the country.
The performance of the company has not been affected so far and JLR sales for the month of June has been steady, including that in China.
Tata Motors has also planned a slew of launches in the domestic markets and commercial vehicle sales may move higher should there be a good economic recovery.
The share has fallen sharply and this is one reason why it could be attractive at the current levels. Several brokerages believe that other auto stocks like Maruti have already run their course and it was time for Tata Motors to perform.
SUN TV Network
The share price of Sun TV like Tata Motors has fallen sharply. It has fallen from levels of Rs 477 to the current level of Rs 277.
The problem for Sun TV has been that the Ministry of Home Affairs has denied security clearance for license renewal for its 33 channels. The reasons are the cases of economic offenses against the owner, Kalanidhi Maran.
Now, if the company does not get its license renewed than its entire business could be in a jeopardy. However, the matter is likely to be than dragged to Court.
On Monday, the Madras High Court issued an interim order allowing Sun Group to participate in the Phase-III auction process of FM radio.
Earlier the government had not allowed the same because of lack of clearance from the Ministry of Home Affairs. Analysts feel that in case the SUN TV case ends-up in court it stands a strong case. This is a share that is a high risk bet.
Canara Bank
Shares in Canara Bank have almost halved over the past 7 months. Worries over rising non performing assets have weighed on banking stocks. However, there are signs that the non performing asset in banks may have peaked. If asset quality continues to improve and an economic recovery takes place, expect banks like Canara Bank to rally sharply as thier asset quality is much better than peers.
The stock is a good bet from a long term perspective.
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