About 100 companies hit their 52-week low on Friday as benchmark indices witnessed third straight day of selling. European Central Bank’s stimulus package...
About 100 companies hit their 52-week low on Friday as benchmark indices witnessed third straight day of selling. European Central Bank’s stimulus package fell short of markets’ expectations, while an interest-rate hike by the US Federal Reserve weakened investor sentiment.
Four front-line stocks —Tata Consultancy Services (TCS), IDFC, Adani Ports, and Bharat Heavy Electricals (BHEL) —hit their lowest levels since mid-2014.
TCS has fallen nearly 2% in the last three sessions and yielded -9% returns in the last one year. Analysts said investors’ preference appeared to be shifting towards Infosys from TCS, as India’s largest software company missed revenue forecast for the fifth consecutive quarter at the end of September.
In contrast, Infosys beat TCS’ quarterly revenue and volume growth for last two quarters as the Bangalore-based firm encounters the success of its turnaround plan. Infy shares have been flat for last one year, but has gained 12% since mid-July.
Bank of India hit 26-month low on Friday. The state-owned bank reported the highest quarterly loss in at least 14 years, Capitaline data showed.
BHEL and IDFC fell to the lowest since March 2014.
Other companies that touched new lows include Ashapura Intimates Fashion, Agro Tech Foods, Birla Cotsyn (India), Coffee Day Enterprises, DCB Bank, JM Financial, Jindal Stainless, Rallis India, Tribhovandas Bhimji Zaveri.