Though the markets are at levels of near 35,600 points, there are many stocks that have plunged and are now available at near 52 week lows. Here are a few stocks that could give investors decent returns in the years to come.

HPCL

This stock has now hit a 52-week low of Rs 252. Hindustan Petroleum Corporation (HPCL), is one of the top oil refining and marketing companies in India.

There are also worries that the government, may ask oil marketing companies to freeze petrol and diesel prices, if crude rises beyond a certain level. At the moment, it is difficult to see what changes may come though and to that extent the profits could be hit.

However, it is very unlikely that crude prices may rise significantly, which makes the stock of HPCL, a good bet at the current levels. Even if the company prunes down its dividend, due to lower profitability, one can expect dividend yields of 4-5 per cent going forward.

The stock is not very expensive at a one year forward p/e of 10 times. Buy the stock for long term gains, at the current 52-week low price of Rs 252.

South Indian Bank

This is a bank, whose stock has fallen to a 52-week low. At a time when government banks are losing market share, private sector banks could hog the limelight. South Indian Bank recently unveiled its strategy to investors in a presentation.

It is clear that the bank will lay an emphasis on gradually expanding its network with a clear direction on retail lending. What is more interesting is that South Indian Bank does not have any corporate accounts in its "watch list".

As government owned banks continue to lose market share, banks like South Indian Bank could be the beneficiaries. The bank has a decent retail presence and is also expanding its network. The shares also give a decent dividend yield of 2 per cent.

The stock of South Indian Bank are available at a p/e of just 10 times, one year forward earnings. It would be great to buy the stock on declines at Rs 21 or so.

Hindustan Media Ventures

Hindustan Media Ventures , published the popular, "Hindustan" newspaper. This is among the top selling newspapers in the north and is the leader in "Jharkhand" and "Bihar".

There are three reasons to be buying the stock. The first is the valuations, which are very cheap. In fact, at a price to earnings of just 8 times, this is one of the cheapest stocks in the media space.

The second reason to be buying the stock is that elections are to be held later this year in key states, including those in Madhya Pradesh, Rajasthan and the central government elections later next year. This would mean advertisement spends would rise dramatically, which would benefit a company like Hindustan Media Ventures.

The third reason to be buying the stock is that the shares are not very far from their 52-week lows, which makes a strong case to buy the shares of Hindustan Media Ventures. Buy, the shares for a long-term holding of at least 1-2 years.

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