Last Updated: October 31, 2023, 14:39 IST
Canara Bank (Representative picture)
Canara Bank shares rose over 2 per cent to hit a 52-week excessive of Rs 390.55 in intraday commerce on BSE on Tuesday.
Canara Bank shares rose over 2 per cent to hit a 52-week excessive of Rs 390.55 in intraday commerce on BSE on Tuesday.
Canara Bank share value as we speak opened at Rs 383.25 in opposition to the earlier shut of Rs 382.55 and rose just a little over 2 per cent to hit its 52-week excessive on the BSE.
Canara Bank share value has been within the inexperienced since October 26, the day it introduced its September quarter earnings. The inventory is up about 34 per cent within the final one 12 months in opposition to a 5 per cent achieve within the fairness benchmark Sensex.
Canara Bank reported a development of 43 per cent in internet revenue to Rs 3,606 crore, in comparison with Rs 2,525 crore within the corresponding interval final 12 months. Its internet curiosity earnings (NII) – the distinction between curiosity earned and curiosity paid- within the second quarter of the present fiscal rose 19.8 per cent to Rs 8,903 crore, in comparison with Rs 7,433.8 crore within the 12 months-in the past interval.
The gross non-performing property (NPAs) declined to 4.76 per cent of complete loans within the September quarter over 6.37 per cent within the 12 months-in the past interval.
What Do Analysts Say?
Axis Securities mentioned that Canara Bank broke above its a number of resistance zone at Rs 348 in the course of September, climbing to Rs 387 stage on the weekly chart. After retesting the breakout space, it bounced again sharply, confirming the continuation of the uptrend. The inventory is exhibiting a sample of upper excessive-lows on the weekly chart, forming an upward-sloping trendline that indicated a robust uptrend. The inventory skilled a surge in buying and selling quantity through the breakout, indicating a considerable improve in market participation on the breakout stage. The weekly energy indicator RSI given a crossover above its reference line generated a purchase sign.
Vinay Rajani, Senior Technical & Derivative Analyst at HDFC Securities, instructed moneycontrol.com: The inventory value has registered contemporary 52-week excessive of Rs 387.80 with leap in volumes. The inventory has remained resilient within the current market weak point. It has damaged out from Flag sample on the weekly chart, which signifies continuation of an main uptrend. Target value been set at Rs 405.
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