Canara Bank hits 1-year high, surges 19% this month
Canara Bank just hit a one-year high, with shares jumping to ₹124.55 and notching up a 2.2% gain in a single day.
The stock has surged nearly 19% this September alone—the best monthly run since October 2022—and is now up 23% for the year.
That makes it five years in a row of positive returns for Canara Bank investors, which is pretty impressive given its recent struggles.
Investors are buzzing about potential foreign investment cap hike
A lot of this buzz comes from talk that the government might raise the foreign investment cap in public sector banks from 20% to 49%, while still holding onto majority control.
If these changes happen, experts say PSU banks could see over $900 million flow in, and Canara Bank—with only 11% foreign ownership right now—could get around $64 million of that.
No wonder investors and analysts are keeping such a close eye on it!