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3 Bank And Financial Stocks That Are Close To 52-week Lows, Should You Buy?
Markets have fallen a good 8% from the 52-week highs seen in October. Worries over the omicron variant of the corona virus spreading has caused havoc. Here are a few stocks from the banking and financial sector that are very close to 52-week lows.
Bandhan Bank
This is another stock that has come off sharply. The shares have fallen sharply from levels of Rs 424 to the current market price of Rs 267. The shares are also now very close to their 52 week lows of Rs 259. There have been some concerns in the stock with regards to the non performing assets, particularly from the MSME sector. We believe that recovery could take sometime and investors have to hence be cautious. Investors with a long-term view can take a look at the stock. Further decline in the stock is a possibility if the market falls. The bank is seeing strong CASA growth, though NPAs continue to be a worry.
L&T Finance Holdings
This company has a very strong pedigree. The shares have been trading at Rs 76.90, as against the 52-week low price of Rs 74. The company's performance has not been outstanding over the quarters. The stock price of the L&T Finance has been falling over the last few days. The stock is likely to move in line with the markets. Should there be a sharper fall in the markets, we could see an even greater fall in the markets.
Mahindra and Mahindra Financial
This is another NBFC stock that has fallen near 52-week lows. The share price was last seen trading at Rs 150, against the 52-week low price of Rs 138.
We do not like NBFC stocks as we believe that non performing assets have to still play out fully. This is true for both L&T Finance Holdings and Mahindra and Mahindra Financial. The markets too have turned extremely volatile and we see further downside risks to the markets. If that were to happen there is a high possibility that we might see the stock of Mahindra and Mahindra Financial too falling. One can wait for further decline in the stock before buying.
Disclaimer
Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.
