There can be a good rise in the shares of government bank, Canara Bank. The shares of the public sector bank can reach the level of Rs 280. Domestic Brokerage House Motilal Oswal is Bullish on Canara Bank. The brokerage house has given a target price of Rs 280 to the shares of the public sector bank. Veteran investor Rakesh Jhunjhunwala also holds a major stake in Canara Bank. Canara Bank shares closed at Rs 199.75 on the Bombay Stock Exchange on Tuesday.
Bank shares may rise by more than 35%
Brokerage house Motilal Oswal has given Buy rating to the shares of Canara Bank. That is, it is advised to buy the shares of the company. The brokerage house has given a target price of Rs 280 for the shares of the bank. That is, the shares of the bank can jump by more than 35%. Motilal Oswal says that Canara Bank has delivered stable operating performance with healthy margins, moderate loan growth and strong asset quality.
Also read- Adani and Jindal face to face to buy the business of this giant company, people are selling shares
Bank’s profit of more than Rs 1600 crore in March quarter
Canara Bank has made a profit of Rs 1666.22 crore in the January-March 2022 quarter. The net profit of the bank has increased by 65 per cent as compared to the same period last year. The bank had made a profit of Rs 1,010.87 crore in the March quarter of last year. The total income of the bank has increased to Rs 22,323.11 crore in the March 2022 quarter. The total income of the bank in the same period a year ago was Rs 21,040.63 crore.
Also read- Chapparfad Returns: Investors of these 5 stocks are rich in the declining market
Veteran investor Jhunjhunwala increased stake in the bank
Veteran investor Rakesh Jhunjhunwala has increased his stake in Canara Bank in the March 2022 quarter. Rakesh Jhunjhunwala has increased his stake to 2 per cent. As per the shareholding pattern for the December 2021 quarter, Jhunjhunwala held 2,90,97,400 shares or 1.6 per cent stake in the bank. Canara Bank shares have given more than 33 per cent returns in the last one year.