1:5 Stock Split: Ex-Date On 15th May 2024; Buy The PSU Stock Ahead of Ex-Split?

The company's announcement of the record date for the stock split and the upcoming board meeting on Wednesday, May 8, 2024, to discuss and approve the audited financial results (consolidated and standalone) for the fourth quarter (Q4) and the financial year that ended on March 31, 2024, have put the shares of the PSU stock Canara Bank in the spotlight. Canara Bank's stock ended 5.42% down on Monday at Rs 591.50 a share. The PSU Bank stock touched a 52-week-high of Rs 632.65 on (03/05/2024) and a 52-week-low of Rs 291.30 on (19/05/2023).

Canara Bank Stock Split Record Date

"Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Bank has fixed Wednesday, 15th May 2024 as the "Record Date" for determining entitlement of Equity Shareholders for the purpose of sub division/ split of existing Equity Shares of the Bank, such that 1 (one) equity share having face value of Rs. 10/- (Rupees Ten only) each, fully paid up, will be sub-divided into 5 (Five) equity shares having face value of Rs. 2/- (Rupees Two only) each, fully paid up," said Canara Bank in a regulatory filing.

Canara Bank Q4 Results Update

The bank's board meeting is set for Wednesday, May 8, 2024. The purpose of the meeting is to go over and approve the audited financial results, both standalone and consolidated, for the fourth quarter (Q4) and the financial year that ended on March 31, 2024.

The media meet / interaction electronic media is scheduled to be held on 8th May 2024 (Wednesday) 02.30 p.m. onwards and 9th May 2024 (Thursday) 09.30 a.m. onwards whereas the earnings call with the Analysts / Investors is scheduled to be held on 8th May 2024 (Wednesday) 04.00 p.m. (1ST).

Canara Bank Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said, "CANBK is currently trading at 591.8 levels, having experienced profit booking from its all-time high of 632.9 The stock finds robust support near 580 levels aligned closely with its 50-day Exponential Moving Average (EMA) levels, indicating potential buying interest at these levels. However, investors holding the stock from lower levels are advised to book profits, as the stock is now trading below its short-term (20 Day) EMA levels."

"For investors considering fresh entry into CANBK, it is prudent to await a reversal in the stock's price action. A breakout above Rs 605 could propel the stock towards the Rs 635 and Rs 649 level. On the flip side In the event of a breakdown below the mentioned support of 580, the stock may witness further correction towards the 540 levels. This approach balances the potential for buying opportunities at key support levels while also recognizing the need for caution amid the stock's current downward trend. Investors should monitor price movements closely and adjust their strategies accordingly to navigate CANBK evolving market dynamics," the analyst further added.

Disclaimer

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