Rakesh Jhunjhunwala’s portfolio gains Rs 78,39,09,960 in just 1 day from this multibagger PSU stock; stock hit 52-week high on stellar results!
This company has given investors significant returns of over 330 per cent in the past 3 years.
Indian stock markets closed higher on Friday, with the BSE Sensex and NSE Nifty 50 indices both up 1.01 per cent at a level of 63,783 and 19,047 respectively.
In addition to the overall market gains, a multibagger PSU-Banking stock was trending. This company has given investors significant returns of over 330 per cent in the past 3 years.
The stock name that created the excitement is none other than CANARA BANK.
Rakesh Jhunjhunwala, an ace investor of Indian stock market owns 3,75,97,600 shares or 2.07 per cent stake in the company. As of Friday’s closing price, the stock was trading at Rs 380.70 per share, up 20.85 points or 5.79 per cent. That means his portfolio gained Rs 78,39,09,960 in just 1 day from this stock (i.e., 3,75,97,600 shares x Rs 20.85 per share). The stock also made a new 52-week high of Rs 387.70 per share with a spurt in volume by more than 3.58 times on BSE.
The sudden rise in the stock price was due to company announced stellar Quarterly Results and half-yearly results for the fiscal year 2024. Here are the details:
According to the quarterly results, total income increased by 23.88 per cent to Rs 33,891.21 crore and net profit increased by 41.79 per cent to Rs 3,677.39 crore in Q2FY24 compared to Q2FY23. The EPS for Q2FY24 stood at Rs 20.93. According to the half-yearly results, total income increased by 29.46 per cent to Rs 66,150.62 crore and net profit increased by 55.87 per cent to Rs 7,250.89 crore in H1FY24 compared to H1FY23. The EPS for H1FY24 stood at Rs 39.97.
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.
The company has a market cap of over Rs 69,000 crore and has delivered good profit growth of 37 per cent CAGR over last 5 years. The stock is trading at 0.89 times its book value and is providing a good dividend yield of 3.15 per cent. Investors should keep an eye on this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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