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The shares of Canara Bank Ltd were trading lower by 1.18% at Rs 222.15 a piece till the afternoon of Tuesday’s trading session. In the past month, the stock has zoomed by more than 18%. 

Ace investor Rakesh Jhunjhunwala holds 3,55,97,400 shares in the company which represents a stake of 1.96% in the company with a total investment of Rs 788.8 Crores. Rakesh Jhunjhunwala entered the stock in August 2021. 

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A year ago the stock was trading at Rs 146 a piece. From there it zoomed exponentially and reached its 52-week high of Rs 272 in Feburary this year. In the span of a year, the stock has given more than 51% return to its investors. 

LKP Securities has a buy call on Canara Bank with a target price of Rs 316 which represents an upside of 42% from the current levels. The Time period given by the analyst is one year to reach a defined target. 

Canara Bank is one of the oldest and currently the third largest nationalized bank in India. Its segments include Treasury Operations, Retail Banking Operations, Wholesale Banking Operations, and Other Banking Operations. 

The net interest income (NII) of the bank rose over 10% to ₹6,784 crore as against ₹6,146 crores in the year-ago quarter. NII is the difference between interest earned and expended. Its net profit for Q1FY23 rose about 71.7% to ₹2,022 crores as compared to ₹1,177.5 crores from the same quarter last year. 

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Its asset quality has improved as its gross non-performing assets (NPAs) declined to 6.98% compared to 8.50% on a year-on-year (YoY) basis. 

On the other hand, its net NPA declined to 2.48% in the June quarter from 3.46% in the year-ago period. 

The bank Presently operates with 10,500 branches and 13,000 ATMs across India. It also operates 5 international branches in overseas countries. 

Written by – Anoushka Roy

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