Stocks To Buy: 3 Bluechip Stocks Near 52-week Lows Which Are Highly Recommended

Markets are back above the 61,000 points on the Sensex and a few more 100 points and we are back at record highs. From these levels, you will have to be selective, if you are looking to find value in stocks Here are 4 bluechip stocks near 52-week lows, which you can buy based on brokerage recommendations mentioned.

Bandhan Bank

The shares of Bandhan Bank are just 1% away from its 52-week low. The shares are now trading at Rs 232, which is very close to its 52-week low of Rs 229.65. One of the reasons for the low on the stock of the bank is the corporate results of the company for the second quarter ending Sept 30, 2022, which were not very good. However, several brokerages have a buy on the stock. Emkay has set a price target of Rs 330 on the banking stock, which is a whopping 40% higher from current levels. ICICI Securities has set an even higher price target of Rs 365 on the stock. Jefferies on the other hand has a buy call on the stock with a price target of Rs 340. Most of the broking firms, have a higher price target on the stock, when compared to the current market price.

Indian Oil Corporation

This is another stock that has fallen to near 52-week lows. The stock of Indian Oil is just 5% away from a 52-week low. Again, like Bandhan Bank, the results of the oil marketing company were not too encouraging, which led to a sharp fall in the share price.

The company reported a net loss of Rs 272.35 crore for July-September despite booking over Rs 10,800 crore of LPG subsidy it received from the government after the quarter ended.

The net loss of Rs 272.35 crore compares to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges.

The loss in the second quarter of the current fiscal was despite accounting for Rs 10,801 crore of one-time grant that the government had announced on October 12. However, several brokerages have a buy call on the stock. Motilal Oswal has a buy on the stock, with a target price of Rs 95.

"We expect dividend payout to be around similar levels of 51% for FY23-24. IOCL trades at 3.3x consolidated. FY24E EPS and 0.6x FY24E PBV. We value the stock at 0.9x FY24E P/BV to arrive at our target price of Rs 95," the brokerage has said.

 

Oracle Financial Services

This company's stock is just 3.32% away from its 52-week low price of Rs 2888. In fact, the shares have hit a 52-week high of Rs 4533 and is now available at Rs 2973. The fall in the stock has been dramatic largely on prevailing poor sentiments for IT Stocks.

However, if the company maintains last year's dividend, the stock is available at a dividend yield of more than 6%, which makes it an attractive bet. The company provides banking and insurance related services and is a subsidiary of Oracle Corporation, US.

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, and the author are not liable for any losses caused as a result of decisions based on the article. This article only incorporates recent stock-related information about the companies.