Buy Canara Bank, target Rs 350: Mazhar Mohammad

Mazhar Mohammad of Chartviewindia.in has a buy call on Canara Bank with a target price of Rs 350. The current market price of Canara Bank is Rs 347.7. The time period given by the analyst is Intra Day when Canara Bank price can reach defined target. Mazhar Mohammad recommended to keep stop loss at Rs 327.0 .

Canara Bank, incorporated in the year 1996, is a banking company with a market cap of ₹ 19659.81 crore. Canara Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills which contributed ₹ 31377.25 Cr to Sales Value (71.27 % of Total Sales), Income From Investment which contributed ₹ 11407.79 Cr to Sales Value (25.91 % of Total Sales), Interest On Balances with RBI and Other Inter-Bank Funds which contributed ₹ 879.50 Cr to Sales Value (1.99 % of Total Sales) and Interest which contributed ₹ 357.60 Cr to Sales Value (0.81 % of Total Sales)for the year ending 31-Mar-2016.

The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 34338.65 Cr. (9.97 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 22295.79 Cr. (6.72% of total assets). For the quarter ended 31-12-2016, the company has reported a Standalone Interest Income of ₹ 7423.32 Cr., down -1.09 % from last quarter Interest Income of ₹ 7505.32 Cr. and down -2.70 % from last year same quarter Interest Income of ₹ 7629.14 Cr. The bank has reported net profit after tax of ₹ 321.88 Cr. in latest quarter.