Canara Bank Shares Gain Ahead Of Its Q4 Results; Scrip Rallies 23% In One Month

Shares of public-run lender Canara Bank in trade on May 18, 2021 (Tuesday) were gaining ahead of its Q4FY21 results announcements to be made today. At day's high, the stock price of Canara Bank hit Rs. 157.65 per share on the NSE, taking total gains from the previous day's closing price of Rs. 153.5 to 2.7 percent. The scrip in fact has been outperforming the Nifty PSU Bank index which was last up over 0.6 percent.

Canara Bank Shares Gain Ahead Of Its Q4 Results; Scrip Rallies 23% In One Month

In the last one month, the shares of Canara Bank have showcased a sharp run-up rallying from Rs. 128 on April 19 to currently Rs. 157.65, gaining 23 percent.

For the last 2-3 years, Canara Bank was being provided budgetary support in the form of capital to meet RBI Prudential norms and capital adequacy ratios since the lender was seeing huge NPAs. But now, given the Supreme Court relaxation last year amid the pandemic, it is expected that the FY 2020-21 will end on a positive note.

Also, the bank in its BSE filing today said that an earnings call with analysts/ investors in respect of the audited financial results for the Fourth Quarter/ Year ended 31.03.2021 shall be held on May 19, 2021.

State Bank of India is also scheduled to announce its Q4FY 21 and year ended 2021 result on May 21, 2021.

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