Canara Bank posts ₹5,175cr profit, ₹11,005cr NII, shares at ₹117
Business
Canara Bank posted solid numbers this quarter: net profit jumped 8% to ₹5,175 crore and net interest income rose more than 20% to ₹11,005 crore.
Still, the stock slid 6.5% to ₹117 on Thursday after the results.
Brokerages split on Canara Bank targets
Brokerages are not on the same page. Morgan Stanley thinks there is not much upside left and has set a target of ₹109.
Meanwhile, Motilal Oswal and JM Financial are more optimistic, recommending a buy with targets of ₹160 and ₹150 thanks to steady growth and better margins.
The bank is also focusing on improving deposit granularity and loan growth.