Buy Canara Bank With Target Of Rs 619

Buy Canara Bank With Target Of Rs 619Technical Analyst Dhaval P Vyas has maintained 'buy' rating on Canara Bank stock with a target of Rs 619.

Mr. Vyas said that the stock can be purchased with a stop loss of Rs 603.

The stock of the bank, on March 21, closed at Rs 606.40 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 844 and a low of Rs 345 on BSE.

Current EPS & P/E ratio stood at 88.54 and 6.83 respectively.

The bank has lifted up Rs 1993.20 crore via QIP by issuing 33 million equity shares at the rate of Rs 604 per piece.

The report said that out of the 47 capitalists, LIC was the key investor in QIP with Rs 500 Cr, accompanied by SBI, which made an investment of Rs 250 crore.

The lifted sum will be utilized to raise its capital base and to strengthen its branch network.

Moreover, the bank has inked an agreement with Wipro to help in its rustic banking projects.

During the opening stage of the contract, the software firm will be providing core banking solutions to the regional rustic banking institutions sponsored by public sector lender.