Synopsis: Gaurang Shah, an expert from Geojit Financial, shares insights on Canara Bank and Axis Bank, providing valuable analysis and recommendations on these two banking stocks. His views shed light on key factors influencing their performance and potential investment opportunities.
Gaurang Shah today selected two stocks from the banking space as his top picks. First one was from the public sector segment, Canara Bank. "The stock has potential to hit an upside target of Rs 700," Shah told Business Today TV.
Gaurang Shah, Senior VP, Geojit Financial, on Wednesday selected two stocks from the banking space as his top picks. First one was from the public sector segment, Canara Bank. "The stock has potential to hit an upside target of Rs 700," Shah told Business Today TV. Canara Bank shares were last seen trading 0.76 per cent higher at Rs 612.55.
The second one which the market expert recommended was private lender Axis Bank. "The moment Axis Bank takes off Rs 1,100-1,120 levels decisively, the stock may go towards Rs 1,350-1,400," Shah stated. The stock was up 0.82 per cent at Rs 1,089.65.
Bain Capital has sold its entire stake in Axis Bank at Rs 1,071 per share to raise $429 million, according to exchange data.
Morgan Stanley Asia Singapore, BofA Securities Europe and Societe Generale together bought a 0.4 per cent stake in Axis Bank through Bain's sale.
Other buyers included Goldman Sachs, Nomura, Norges, ICICI Prudential and Mirae Asset.
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