2 Multibagger PSUs Declared 1st-Ever Stock Split: 3 Analysts Give Buy For MAGNIFICENT Return

Recently two leading public sector undertakings declared their maiden stock split and one of them also recommended dividend. These two PSUs are Canara Bank and Bharat Dynamics. Soon after the stock split, the share price of both the PSUs turned affordable thus making the stocks even more lucrative. Two analysts picked both the stocks are recommended buy call. Below are more details pertaining to the stocks:

Motilal Oswal & Prabhudas Lilladher Recommend Buy Rating To Canara Bank Share: Leading brokerage firm Motilal Oswal and Prabhudas Lilladher have assigned buy rating to Canara shares. Motilal Oswal has given buy to Canara Bank shares with target price of Rs 650 per share. Board of Directors of Canara Bank gave their nod to stock split in the ratio of 1:5 this splitting into 5 new shares in order to enhance liquidity and making Canara stock more affordable.

Brokerage firm Prabhudas Lilladher also gave buy call to Canara Bank shares. The analyst said, "Canara Bank has witnessed a short correction as from the peak of Rs 597 it made a low near Rs 538 levels and has indicated a bounce back with a bullish candle pattern in the daily chart and with support of 20 DMA, now trading above the previous peak level. The RSI on the monthly chart is now above 80, indicating an overbought zone. Some profit booking or consolidation can't be ruled out at this level. With a strict stop loss of Rs 550 levels, one can buy with a positional view in this counter for an upside target of 700-750 levels."

Canara Bank Dividend In 2023: Canara Bank declared its highest dividend of Rs 12/share in last 10-years in 2023 and its ex-dividend date was June 14, 2023. Before that, Canara Bank recommended Rs 13/share dividend in 2013.

Canara Bank Shares Performance: Last trading price of Canara Bank shares on BSE is Rs 573.10 apiece with intraday gain of 1.66%. The 52-week high price of Canara Bank stock on BSE is Rs 606.00 apiece and 52-week low price is Rs 272.30 apiece, respectively. The bank's market cap stands at Rs 1,03,967.80 crore. Canara Bank shares plunged over 4% in last 2-weeks and gave return of 49% in last 6-months. In last 1-year, the scrip surged 101% and 282% in last 3-years.

Bharat Dynamics Ltd Recommends Dividend: The PSU declared an interim dividend of Rs. 8.85 per equity share of Rs. 10 each fully paid-up for the financial year 2023-24. The Company has fixed 02 April 2024 as "Record Date" for the purpose of payment of Interim Dividend on equity shares for the Financial Year 2023-24 and the payment of Interim Dividend will be completed on and before 18 April 2024."

Bharat Dynamics Approves Stock Split: Approved the sub-division/ split of existing 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 2 (Two) Equity Shares of face value of Rs. 5/- (Rupees Five Only) each fully paid up, subject to shareholders' approval. The record date will be intimated in due course.

ICICI Direct Gives Buy Call: According to the analyst, "The PSU's revenue and PAT surged at 14.1% and 16.9% CAGR, respectively over the period FY 21-23. The order backlog is estimated to be at Rs 20,000 crore, said ICICI Direct. The analyst has suggested buy call with a target price of Rs 2,010.

Bharat Dynamics Shares Performance & Return: The 52-week high price of Bharat Dynamics shares on BSE is Rs 1984.40 per share and 52-week low price is Rs 879.00 per share, respectively. The company's market cap is Rs 30,894.80 crore. Bharat Dynamics share tanked over 6% in last 2-weeks, surged 68% in last 6-months, and offered return of 85% in last 1-year. In last 2-years, Bharat Dynamics stock gave return of 192%.

Disclaimer: The stock has been picked from the brokerage report of Motilal Oswal & Prabhudas Lilladher. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.