Rakesh Jhunjhunwala’s portfolio sold 1,12,80,200 shares & FIIs sold 1,15,08,343 shares of this multibagger PSU bank stock; 5:1 stock split upcoming!
The stock gave multibagger returns of 118 per cent in just 1 year whereas BSE Sensex Index is up by 25 per cent.
Today, the stock market ended the day in red with Sensex down 0.08 per cent and Nifty-50 down around 0.10 per cent. Along with the market in the red, one multibagger banking stock also ended the day in the red, down 0.75 per cent to Rs 607.95 per share from its previous closing of Rs 612.55 with an intraday high of Rs 615.95 and an intraday low of Rs 603.95.
The stock name is Canara Bank.
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.
Also Read: Understanding Cash Flow: Essential Types You Need to Know
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 expected completion time, considering the time taken for receiving RBI's approval, is 2 to 3 months from the date the Board Meeting intimation is sent to the Stock Exchanges (i.e., from February 7, 2024).
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 118 per cent in just 1 year whereas BSE Sensex Index is up by 25 per cent. Investors should keep an eye on this PSU stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ’s 'Multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. This service is available as part of the "Festive Savings" combo offer discounted at 51%. Do download the service details here.
Related articles
-
Jhunjhunwala’s sold 0.62 per cent stake & FIIs sold 0.64 per cent stake: Board announces stock split; Record Date – May 15, 2024
-
Rakesh Jhunjhunwala’s portfolio multibagger stock & FIIs bought 1,85,41,695 shares; Board announces 5:1 stock split!
-
Rakesh Jhunjhunwala’s portfolio multibagger stock & FIIs increase stake; Board likely to announce stock split – scrip hit 52-week high!
-
Rakesh Jhunjhunwala’s portfolio multibagger pharma stock hit 20 per cent upper circuit & fresh 52-week high; Here’s why!
-
Rs 57,536 crore order book & 110 per cent dividend announced: Jhunjhunwala's portfolio multibagger civil construction stock rockets 9 per cent; here’s why
-
Rekha Rakesh Jhunjhunwala loses over Rs 1,200 crore in a single day as shares fall around 8 per cent today!
-
Rekha Rakesh Jhunjhunwala reduces stakes in this small cap company, Ashish Kacholia and Mukul Agarwal maintain their holdings
-
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!
-
Rekha JhunJhunwala’s portfolio company acquires a multi-specialty hospital in Gurgaon for Rs 225 crore!
-
Rs 12,500 crore order book: Rekha Rakesh Jhunjhunwala's portfolio multibagger stock reports a 110 per cent jump in net profit!
-
This Rekha Rakesh Jhunjhunwala’s large-cap stock hits consecutive 52-week high; do you own it?
-
Superstar Portfolio Stock: Keep an eye on this multibagger stock that hit upper circuit on April 13
-
Stocks below Rs 100: Only buyers seen in these scrips on October 17
-
Debt-free multibagger penny stock at Rs 31.56 hit back-to-back upper circuits & 52-week highs: Board announces 10:1 stock split; Scrip trades at low PE & high ROE
-
1:1 Bonus Share after 5:1 Stock Split: Multibagger penny stock under Rs 50 with 1,650 per cent returns to keep under the radar!
-
3:1 Bonus Shares Announced by Small-Cap Multibagger Company; Stock Gains Over 250 per cent in Just 1 Year!
-
5:1 Stock Split Announced by This Small-Cap Company; FIIs Bought 11,66,846 Shares!
-
Board likely to announce bonus share after 10:1 stock split in 2013: Multibagger penny stock at Rs 71.30 hit 52-week high
-
Debt-free multibagger penny stock at Rs 28.63 hit upper circuit & 52-week high: Board announces 10:1 stock split; Scrip trades at low PE & high ROE
-
4:1 Bonus Share & 10:1 Split: Stock Hits Upper Circuit for 13 Consecutive Trading Days; Stock Gains Over 270 Per cent in Just 3 Months Only