Buy Canara Bank, target price Rs 211: ICICI Direct

ICICI Direct has buy call on Canara Bank with a target price of Rs 211. The current market price of Canara Bank is Rs 208.7. 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 37851.83 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 30-09-2021, the company reported a Consolidated Total Income of Rs 23876.00 Crore, up 2.52 % from last quarter Total Income of Rs 23288.74 Crore and up 5.27 % from last year same quarter Total Income of Rs 22681.05 Crore. The bank reported net profit after tax of Rs 1074.45 Crore in latest quarter.


Investment Rationale
Price breaking above a falling supply line and sustaining above the 50 days EMA signaling continuation of the positive bias

Promoter/FII Holdings
Promoters held 62.93 per cent stake in the company as of 31-Dec-2021, while FIIs owned 7.62 per cent, DIIs 13.83 per cent.