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Canara Bank: Rakesh Jhunjhunwala has increased confidence in this PSU bank, bought 65 lakh shares in March quarter, got 70% return in 1 year

Rakesh Jhunjhunwala has increased his stake in the public sector bank Canara Bank during the March quarter. Rakesh Jhunjhunwala now has 1.96 percent stake in the bank.

Rakesh Jhunjhunwala Portfolio: There has been some change in the portfolio of stock market veteran Rakesh Jhunjhunwala. He has increased his stake in the public sector bank Canara Bank during the March quarter. Rakesh Jhunjhunwala now has 1.96 percent stake in the bank. That is, 0.36 percent more than the December quarter. According to the information given by the company on the shareholding pattern on BSE, Canara Bank has 35597400 shares in the portfolio of Rakesh Jhunjhunwala. Let us tell you that this stock has been included in the multibagger shares of the last 1 year.

Rakesh Jhunjhunwala bought 65 lakh shares

According to the holding of March Timarhi, 35597400 shares of Canara Bank are included in Rakesh Jhunjhunwala’s portfolio. Whose current value is Rs 884 crore. While the bank had 29,097,400 shares in his portfolio in the December quarter. That is, in the January to March quarter, he has bought 65 lakh shares of the bank. Talking about the last 1 year, the stock has given about 70 percent return to the investors. While talking about this year so far, the stock has given 20 percent return.

Canara Bank makes a profit of 1502 crores in Q3

In the December quarter of the financial year 2022, Canara Bank of the PSU sector had presented excellent results. In the December quarter, the bank’s profit was up about 115 per cent year-on-year to Rs 1502 crore. Whereas in the same quarter a year ago, the interest income of Canara Bank increased by 14.1 percent year-on-year to Rs 6945 crore in the December quarter. On a quarterly basis, the provisioning of the bank came down from Rs 3,360 crore to Rs 2,245 crore. The bank’s loan growth rate saw an increase of 9.1 percent on a yearly basis. The provision coverage ratio of the bank increased from 82.44 per cent to 83.26 per cent.

The asset quality of the bank also showed improvement in the third quarter. The gross NPAs of the bank came down from 8.42 per cent to 7.80 per cent on a quarter-on-quarter basis. At the same time, the net NPA decreased from 3.21 percent to 2.86 percent during this period.

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