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    Buy Canara Bank, target price Rs 375: Axis Securities

    Synopsis

    Canara Bank, incorporated in the year 1906, is a banking company (having a market cap of Rs 60809.65 Crore).

    BuyGetty Images
    Stock had given a throwback till breakout area and forms a bullish engulfing candle at a breakout zone indicating reversal after a small profit booking.

    INSIGHTS

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    PEER COMPANIES

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    Axis Securities has buy call on Canara Bank with a target price of Rs 375. The current market price of Canara Bank is Rs 335.05. Time period given by analyst is 3-4 weeks when Canara Bank price can reach defined target. Axis Securities recommended to keep stop loss at Rs 305.

    Canara Bank, incorporated in the year 1906, is a banking company (having a market cap of Rs 60809.65 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-2022.

    Financials
    For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 27358.37 Crore, up 15.25 % from last quarter Total Income of Rs 23739.27 Crore and up 14.59 % from last year same quarter Total Income of Rs 23876.00 Crore. The bank has reported net profit after tax of Rs 2705.55 Crore in latest quarter.

    Investment Rationale
    Stock had given a throwback till breakout area and forms a bullish engulfing candle at a breakout zone indicating reversal after a small profit booking.

    Promoter/FII Holdings
    Promoters held 62.93 per cent stake in the company as of 30-Sep-2022, while FIIs owned 7.97 per cent, DIIs 15.06 per cent.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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