Jhunjhunwala’s sold 0.62 per cent stake & FIIs sold 0.64 per cent stake: Board announces stock split; Record Date – May 15, 2024
The stock gave multibagger returns of 360 per cent in just 3 years whereas BSE Sensex Index is up by 53 per cent.
Canara Bank was founded in 1906 in Mangalore. Its segments include treasury operations, retail banking operations, wholesale banking operations and other banking operations. It has completed over a century in the industry and occupies a premier position in the comity of Indian banks.
As of March 2024, Late Rakesh Jhunjhunwala’s portfolio (now owned by Rekha Jhunjhunwala) sold 1,12,80,200 shares and decreased his stake to 1.45 per cent and FIIs sold 1,15,08,343 shares and decreased their stake to 10.57 per cent compared to 2.07 per cent and 11.21 per cent, respectively, December 2023.
Canara Bank has approved a plan to split each existing equity share (face value Rs 10) into five shares (face value Rs 2 each). This stock split is subject to approval by the Reserve Bank of India. The bank aims to split its shares to increase its liquidity, making them more readily bought and sold, and to decrease the price per share, attracting and expanding its base of individual investors. The Board fixed the record date for the stock split as Wednesday, May 15, 2024.
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According to the Quarterly Results, total income increased by 26.3 per cent to Rs 28,492 crore and net profit increased by 25.1 per cent to Rs 3,827 crore in Q3FY24 compared to Q3FY23. The EPS for Q3FY24 stood at Rs 20.89. In its half-yearly, nine-month and annual results, the company also reported positive numbers.
The company has a market cap of over Rs 1,00,000 crore and has delivered good profit growth of 37 per cent CAGR over the last 5 years. The stock is providing a good dividend yield of 2.17 per cent. The stock gave multibagger returns of 360 per cent in just 3 years whereas BSE Sensex Index is up by 53 per cent. Investors should keep an eye on this PSU stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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