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Business News/ Markets / Stock Markets/  25 PSU stocks trading 10%-37% lower from 52-week highs amid profit booking; check full list
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25 PSU stocks trading 10%-37% lower from 52-week highs amid profit booking; check full list

25 stocks from S&P BSE PSU index are trading between 10% and 37% lower from their 52-week highs. Leading this trend is SJVN, which has witnessed a significant decline over the last two trading sessions, tumbling by 24%.

Banking PSUs, including Indian Overseas Bank, UCO Bank, Punjab & Sind Bank, Central Bank of India, Bank of Maharashtra, Bank of India, Indian Bank, and Union Bank of India, are all down, ranging from 10% to 23% lower from their 52-week highs. (AP Photo)Premium
Banking PSUs, including Indian Overseas Bank, UCO Bank, Punjab & Sind Bank, Central Bank of India, Bank of Maharashtra, Bank of India, Indian Bank, and Union Bank of India, are all down, ranging from 10% to 23% lower from their 52-week highs. (AP Photo)

PSU stocks, which rallied significantly in recent times, are currently experiencing notable fluctuations as investors engaged in profit booking over the last few sessions, triggered by disappointing earnings announced by major companies so far.

Overall, 25 stocks from the S&P BSE PSU index are trading between 10% and 37% lower from their 52-week highs. Leading this trend is SJVN, which has witnessed a significant decline over the last two trading sessions, tumbling by 24%. From its 52-week high of 170.50, the stock has corrected by 37%, currently trading at 108.15 apiece.

Also Read: Profit of Indian public sector banks surged by 40% in first nine months of FY24

This substantial decline in share value follows the company's weak performance in Q3, reporting a 51.6% decrease in net profit to 139 crore, compared to 287 crore during the same period last year.

The stock had previously seen a significant rally from March 2023 to January 2024, surging by 322% in less than a year. Similarly, shares of NBCC (India), a state-owned construction firm, have continued to decline for the seventh consecutive trading session, dropping another 6.60% today to reach 124.40 apiece.

Over the past seven sessions, including today, the stock has witnessed a significant decrease of nearly 26.23%. From its 52-week high of 176.85 per share, the stock is currently down by 30%. 

Between January 19 and February 02, the stock delivered a stellar return of 93.5% in just a two-week period, surging in value from 87.20 apiece to 168.65.

Also Read: LIC's journey so far: A muted debut, a long rough patch and a stellar rebound, this stock has seen it all

BEML's shares have continued their downward trend for the fourth consecutive trading session, declining by another 4% today to 2,771, following a steep 11.30% drop in the previous session. 

The stock's decline began after it reported a decrease in net profit in Q3, both year-on-year and quarter-on-quarter. This recent correction has brought the stock to its lowest point in six weeks.

Considering the stock's 52-week high price of 4,144 per share, it has fallen by 33.13% to date. Likewise, SAIL shares tumbled due to its weak performance in the December quarter. Today, the stock dropped by 4% to 117.85 per share after posting a 22% year-on-year decrease in net profit in Q3, reaching 422.92 crore.

Also Read: SAIL share price drops 5% as Q3 profit declines 22%; here's what the analyst says

Over the past five trading sessions, SAIL's stock has declined by 19%. From its 52-week high of 150, the stock is currently down by 21.44%.

Railway PSU stocks, which were previously seen as high-wealth creators in a short span, have also experienced significant corrections in the recent market downturn. Rail Vikas Nigam, IRFC, IRCON International, and RailTel Corporation are trading between 19% and 30% below their 52-week highs.

Banking PSUs, including Indian Overseas Bank, UCO Bank, Punjab & Sind Bank, Central Bank of India, Bank of Maharashtra, Bank of India, Indian Bank, and Union Bank of India, are all down, ranging from 10% to 23% lower from their 52-week highs.

Similarly, other stocks such as Engineers India, MMTC, ITI, General Insurance Corporation, The New India Assurance Company, NALCO, LIC, NHPC, and BHEL are trading with declines ranging between 15% and 25% from their one-year highs.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Published: 13 Feb 2024, 05:07 PM IST
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