Rekha Jhunjhunwala Stock To Trade Ex-Dividend Today: Do You Own?

Canara Bank is a large cap public sector bank that recorded a market cap of Rs 57,126.96 Cr during Tuesday's closing session. The Canara Bank Board of Directors has recommended a dividend to shareholders for the fiscal year 2022-2023 of Rs.12 per equity share (or 120 percent of the face value of Rs.10 per share), subject to the approval of Shareholders at the bank's upcoming Annual General Meeting. Canara Bank has decided on Wednesday, June 14, 2023 as the record date for dividend payments. As a result, the stock will trade ex-dividend today, and some price action is likely to be witnessed on Dalal Street.

Canara Bank has announced an equity dividend of 120.00% at a face value of Rs 10, or Rs 12 per share, for the financial year ended March 2023 or FY23. This generates a dividend yield of 3.81% at the current share price of Rs 315. The company has a solid track record of dividend declarations during the past five years. Canara Bank has issued 19 dividends since July 7, 2003, according to Trendlyne statistics. Canara Bank announced an equity dividend 2 times worth Rs 18.50 per share over the previous 12 months on June 15, 2022 and June 14, 2023. This generates a dividend of 5.87% at the current share price of Rs 315.

Canara Bank reported a standalone net profit rise of 90.63% to Rs 3175 crore for the quarter ended March 2023. In contrast, the same quarter of the prior fiscal year's quarter had a net profit of Rs. 1,666.22 crore. The lender said that the standalone profit went up from Rs 5,678.42 crore for the fiscal year that ended in March 2022 or 12MFY22 to Rs 10,603.76 crore in 12MFY23. For the fiscal year that ended in March 2023, its consolidated net profit grew from Rs 5,795.10 crore to Rs 10,807.80 crore. Net interest income (NII) climbed by 23.01% during the fourth quarter of FY23, going from Rs 7,006 crore in Q4FY22 to Rs 8,616 crore. Canara Bank's gross non-performing assets (GNPA) ratio declined to 5.35% in the March 2023 quarter from 5.89% at the end of March 2022, while the bank's net non-performing assets (NNPA) ratio as well dropped to 1.73% as of March 2023 from 2.65% as of March 2022.

On Tuesday, the shares of Canara Bank closed on the NSE at Rs 315 apiece up by 0.03% from the previous close of Rs 314.90. The stock made a 52-week-high of Rs 341.70 on (03-Jan-2023) and a 52-week-low of Rs 171.75 on (20-June-2022). During Q4FY23, Canara Bank recorded promoters shareholding of 62.93%, FIIs stake of 8.95%, DIIs stake of 16.20% and public stake of 11.92%. As per the shareholding pattern of Canara Bank for January to March 2023 quarter, Rekha Jhunjhunwala wife of late ace investor Rakesh Jhunjhunwala held fully paid up equity shares of 3,75,97,600 or 2.07% stake in the public sector bank. After a mixed performance of Canara Bank, Motilal Oswal has initiated a buy call on Canara Bank for a target price of Rs 400 which indicated an upside potential of 27% from the current market price.