Sell Canara Bank, target price Rs 180: Religare Broking

Religare Broking has sell call on Canara Bank with a target price of Rs 180. The current market price of Canara Bank is Rs 197.2. 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 35774.65 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 31-03-2022, the company reported a Consolidated Total Income of Rs 24518.42 Crore, up 7.33 % from last quarter Total Income of Rs 22843.51 Crore and up 3.13 % from last year same quarter Total Income of Rs 23774.15 Crore. The bank reported net profit after tax of Rs 1918.80 Crore in latest quarter.

Investment Rationale
Resumed correction after failed attempt to surpass the resistance zone of major moving averages.

Promoter/FII Holdings
Promoters held 62.93 per cent stake in the company as of 31-Mar-2022, while FIIs owned 8.48 per cent, DIIs 13.61 per cent.