Canara Bank's shares have hit a new 52-week high, rallying about 34% YoY since October 26, and outperforming the Sensex's 5% gain. The bank's shares spiked over 2% to a yearly peak of ₹390.55 on Tuesday, marking the fourth consecutive day of gains. The surge was driven by the bank's strong Q3 results, which included a net profit upsurge of 43% to ₹3,606 crore (INR100 crore = approx. USD12 million), nearly a 20% increase in net interest income, and a decline in gross non-performing assets to 4.76%.
The stock started Tuesday's trading at ₹383.25, higher than the preceding close of ₹382.55, and achieved a midday climb of 1.27% to ₹387.40 on BSE. This upward trajectory was triggered by the bank's September quarter earnings announcement.
Stable revenue growth and lower provisioning supported the performance. Additionally, MCLR re-pricing is expected to sustain margins. Brokerages such as Motilal Oswal Financial Services and JM Financial retain their buy calls based on positive RoA and RoE projections.
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