Buy Canara Bank, target price Rs 159.8: ICICI Direct

ICICI Direct has buy call on Canara Bank with a target price of Rs 159.8. The current market price of Canara Bank is Rs 155.05. Time period given by analyst is intraday when Canara Bank price can reach defined target.

Canara Bank, incorporated in the year 1906, is a banking company (having a market cap of Rs 25647.95 Crore).

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 23774.15 Crore, down -2.93 % from last quarter Total Income of Rs 24490.63 Crore and up 55.54 % from last year same quarter Total Income of Rs 15285.27 Crore. The bank reported net profit after tax of Rs 1195.78 Crore in latest quarter.

Investment Rationale
Price rebound after taking support at 50 day EMA & higher base formation above it.


Promoter/FII Holdings
Promoters held 69.3 per cent stake in the company as of Dec 30, 2020, while FIIs held 4.4 per cent, DIIs 10.8 per cent and public and others 15.2 per cent.