Buy Canara Bank, target price Rs 200: Edelweiss

Edelweiss has buy call on Canara Bank with a target price of Rs 200. The current market price of Canara Bank is Rs 187.05 Time period given by analyst is Intra Day 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 33933.31 Crore).

Canara Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 23288.74 Crore, down -2.04 % from last quarter Total Income of Rs 23774.15 Crore and up 2.53 % from last year same quarter Total Income of Rs 22713.92 Crore. The bank reported net profit after tax of Rs 1234.53 Crore in latest quarter.

Investment Rationale
It has given a follow through to the breakout above the consolidation, which was in effect since Jan 2021.

Promoter/FII Holdings
Promoters held 62.93 per cent stake in the company as of 30-Sep-2021, while FIIs owned 5.57 per cent, DIIs 14.67 per cent.