Multibagger stock: Canara Bank shares, which ended at Rs 287.15 on April 3 last year, rose to a high of Rs 593.20 in the current session. Market cap of Canara Bank stood at Rs 1.06 lakh crore on BSE.
Shares of Canara Bank have doubled investor wealth in a year. The banking stock, which ended at Rs 287.15 on April 3 last year, rose to a high of Rs 593.20 in the current session delivering multibagger returns of 106% during the period. It is marginally short of the record high of Rs 606 reached on March 6, 2024. Canara Bank stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages which signals it’s trading in the bullish zone.
Market cap of Canara Bank stood at Rs 1.06 lakh crore on BSE. Total 0.29 lakh shares changed hands amounting to a turnover of Rs 1.71 crore.
Bank of America (BoFA) Securities is bullish on the PSU bank stock with a price target of Rs 600. It cited better risk-reward on higher earnings growth and valuation upside behind its positive stance on Canara Bank.
Brokerage Motilal Oswal has a buy call on Canara Bank with a target price of Rs 650.
Canara Bank shares have gained 33.43 per cent since the beginning of this year and risen 107.75 per cent in one year. The banking stock hit a 52-week low of Rs 281.40 on April 5, 2023. It has recovered 110% since then.
Rekha Rakesh Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, held 37,597,600 shares or 2.07 per cent in the public sector lender as on December 31, 2023.
Canara Bank has a one-year beta of 0.8, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of the Canara Bank stock stands at 60.7, signaling the stock is trading neither in the oversold nor overbought zone.
Canara Bank reported a 29 per cent rise in profit at Rs 3,656 crore in the third quarter ended December 2023 against a net profit of Rs 2,832 crore in the same quarter a year ago.
