Stock Split Next Week: Multibagger PSU Stock Gains 3% After Intimation For Stock Split

Public sector lender, Canara Bank shares zoomed 2.96% after it announced decision to conduct stock split on February 26, 2024. Last trading price of Canara Bank shares on BSE is Rs 570.10 apiece with intraday fall of 0.32%. The PSU stock gained 9.28% in last 2-weeks and offered multibagger returns of 139% in last 2-years. The bank has a market capitalisation of Rs 1,03,378.21 crore. Check details below:

Issue of AT1 Bonds: The bank issued its BSE filing on Feb 21 stating, "Pursuant to Regulation 30 and 51 of SEBI (LODR) Regulations, 2015, we inform that the Bank has raised Rs 2000 crores Non-Convertible, Taxable, Perpetual, Subordinated, Fully Paid Up, Unsecured Basel III Compliant Additional Tier 1 Bonds of face value Rs. 1 crore each at a coupon of 8.40 %."

Canara Bank Shares Performance & Return: The 52-week high price of Canara Bank stock on BSE is Rs 594.50 apiece and 52-week low price is Rs 268.85 apiece, respectively. Canara Bank shares gained 28% year-to-date, zoomed 73% in last 6-months, and offered return of 97% in last 1-year. In last 3-years, Canara Bank shares rallied 255% and soared 160% in last 5-years.

First Stock Split In History: This will be the first ever stock split for Canara Bank. As per the regulatory filing of the bank dated Feb 7, "meeting of PSU bank has been scheduled on February 26, 2024 to seek in principal approval from Board of Directors for sub-division/split of equity shares of the Bank. The stock split will also be subject to prior approval from Reserve Bank of India (RBI) and other regulatory/statutory/government of India approvals may be needed." Canara Bank will conduct its maiden stock split if the proposal is approved.

Highest Dividend In Last 10-Years In 2023: Axis 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.

No Bonus So Fat: Canara Bank so far did not announce any bonus share in its history.

Canara Bank Financials: The bank on January 24, 2024 announced its net profit at Rs 3,656 crore for the October to December quarter, up 26.87% as against Rs 2881.52 crore announced in the corresponding quarter of last fiscal. The PSU's non-performing asset (NPA) arrived at 4.39%, down from 5.89% declared in the similar quarter of preceding fiscal. Net NPA of Canara declared at 1.32%. Its net interest income announced at Rs 9,417 crore, up 9.50%. Net Interest Margin declared at 3.02% grew by 9 bps. Canara's global business jumped by 9.87% YoY to Rs 22,13,360 crore as of December 2023. Global deposits declared at Rs 12,62,930 crore and global advance (gross) announced at Rs 9,50,430 crore, respectively.

Disclaimer:

The stock highlights the stock split and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.