Rekha Jhunjhunwala portfolio: With the beginning of Q1 results 2024, retail investors must be scanning the shareholding patterns of leading companies as it would help them know the direction in which smart money has moved in the recently ended quarter. For such investors, there is a piece of stock market news. Ace investor Rekha Jhunjhunwala has remained steady on Canara Bank. Her consistent shareholding in the PSU bank, unchanged at 1.47 percent of the total paid-up capital, is a significant indicator of the bank’s stability and potential for growth.

Canara Bank Q1 results 2024 preview

Canara Bank, one of the leading public sector banks in India, is set to announce its Q1 results for 2024. This preview provides insights into what to expect from the bank’s performance in the current fiscal.

Anticipating robust first-quarter results from Canara Bank in the current fiscal, Manish Chowdhury, Head of Research at StoxBox, expressed optimism. He stated, “Canara Bank has shown an improvement in profitability with a PAT of ₹14,554 crores in FY24. This improvement was bolstered by the increase in net interest income (NII) and the reduction in credit costs. The bank’s yield witnessed improvement during FY24, enhancing the net interest margin (NIM) to 2.60%. While the bank might be able to offset most of the RoA drag through the further decline in credit cost, the trend on provision reversals will be a key monitorable. We believe that the bank’s recoveries and upgrades will outpace slippages in FY25, painting a positive outlook for Canara Bank.” This positive outlook is designed to instill confidence in retail investors.

Canara Bank share price target

Speaking on Canara Bank’s share price outlook, Ganesh Dongre, Senior Manager—Technical Research at Anand Rathi, said, “Canara Bank shares are currently in a falling channel, and the stock may go down towards ₹110 to ₹105 zones. However, the Ban King stock has made a strong base at ₹97. So, those who have Canara Bank shares in their portfolio are advised to maintain a stop loss at ₹97.”

Reiterating his advice, the Anand Rathi expert emphasized that Canara Bank shares have a history of bouncing back from ₹110 to ₹105 zones. Therefore, one can expect a similar trend this time as well. He advised Canara Bank shareholders to accumulate more if the stock dips below ₹110 in the near term. For fresh investors, he recommended buying Canara Bank shares in the ₹105 to ₹110 zone, maintaining a stop loss at ₹97 and setting a near-term target of ₹120 and ₹125 apiece. This reiteration of advice is aimed at making retail investors feel guided in their investment decisions.

Rekha Jhunjhunwala shareholding

As mentioned above, in June 2024, the end of the quarter, Rekha Jhunjhunwala owned 13,32,13,000 Canara Bank shares, which is 1.47 percent of the total paid-up capital of the PSU Bank. In the January to March 2024 shareholding pattern, Rekha Jhunjhunwala owned the same number of Canara Bank shares. This means the ace Indian stock market investor has kept faith in the PSU stock during the April to June 2024 quarter.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.