Buy Canara Bank, target price Rs 358: Religare Broking

Religare Securities has buy call on Canara Bank with a target price of Rs 358. The current market price of Canara Bank is Rs 331.9. Religare Broking recommended to keep stoploss at Rs 318.

Canara Bank, incorporated in the year 1906, is a banking company (having a market cap of Rs 60238.20 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-2023.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 31774.04 Crore, up 12.12 % from last quarter Total Income of Rs 28338.08 Crore and up 29.59 % from last year same quarter Total Income of Rs 24518.42 Crore. The bank has reported net profit after tax of Rs 3336.51 Crore in latest quarter.

Investment Rationale
PSU Banking seeing decent traction. Stock has witnessed a breakout from a continuation pattern.

Promoter/FII Holdings
Promoters held 62.93 per cent stake in the company as of 30-Jun-2023, while FIIs owned 8.91 per cent, DIIs 15.66 per cent.