Coal India, Vedanta, NTPC, SAIL hit 52-week lows

Coal India, Vedanta, NTPC, SAIL hit 52-week lows

Shares of Coal India, Vedanta, NTPC, Steel Authority of India (SAIL) and Finolex Cables have hit their respective 52-week lows on the BSE on Monday.

BASF, CARE Ratings, Hexaware Technologies, ITD Cementation, Jindal Stainless, Shankara Building Products, Take Solutions and Timken India were among 18 stocks from the S&P BSE 500 index are some of the other counters that hit their 52-week lows today.

Vedanta was down 3% at Rs 194, extending its 5% decline in past three trading days. According to a PTI report, the income tax (I-T) department has sold almost all of Cairn Energy’s attached shares to recover a part of the Rs 102.47 billion retrospective tax demand, regulatory filings showed.

“Cairn Energy held a 4.95% stake in mining major Vedanta, which the I-T department had attached after issuing a Rs 102.47 billion tax demand in 2014 on alleged capital gains the British firm made on a decade-old reorganisation of its India business. The department in May and June sold about 2% stake held by Cairn in Vedanta,” added the report.

SAIL, too, is down 3% at Rs 58, extending its 6% decline in past three days on the BSE. Most metal shares are under pressure with the S&P BSE Metal index trading down 2% today, as compared to 0.13% decline in the S&P BSE Sensex at 11:34 am.

Jindal Steel & Power, Hindustan Zinc and Hindustan Copper are also trading close to their respective 52-week lows. Analysts expect the domestic steel demand to grow at a lower-than-expected pace in the backdrop of curtailed infrastructure spending.