Jhunjhunwala Raises Stake in Canara Bank in Q3: Shareholding Pattern

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Jhunjhunwala Raises Stake in Canara Bank in Q3: Shareholding Pattern

By Malvika Gurung

Investing.com -- Rekha Jhunjhunwala, the wife of late Indian ace investor or ‘Big Bull’ Rakesh Jhunjhunwala, has raised shareholding in the public sector lender Canara Bank (NS: CNBK ) during the Dec 2022 ending quarter.

As per the latest shareholding pattern of the state-owned bank, Rekha Jhunjhunwala has increased the stake held in Canara Bank to 2.07% or 3,75,97,600 equity shares as on Dec 31, 2022.

During the September 2022 quarter, Jhunjhunwala owned a 1.48% stake in the public sector bank. The investor’s rejig in Canara Bank’s shares comes at a time when public sector banks are clocking a sharp rally, and analysts are bullish on the PSU banking pack on expectations of improving momentum of credit growth.

Canara Bank’s stock hit a fresh 52-week high of Rs 341.7 apiece last week. Its shares have surged 52% in the past year. On Monday, the PSU banking stock ended over 2% at Rs 326.9 apiece.

According to InvestingPro data, 10 analysts have initiated coverage on the banking stock, with the highest target price of Rs 382/share. The average fair value of Canara Bank based upon Investing Pro models stands at Rs 398.26/share, which is a 21.8% upside from the stock’s closing price on Monday.

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