Technical analyst Alpesh Furiya is of the view that investors can 'buy' Karnataka Bank Ltd stock for target of Rs 220.

According to analyst, the investors can hold the stock with a stop loss of Rs 124.

The analyst also said that the investors can achieve the said target in a period of six months

Today, the shares of the bank opened at Rs 156 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 174.35 and a low of Rs 103 on BSE.

Current EPS & P/E ratio stood at 12.54 and 12.27 respectively.

Karnataka Bank announced that it has recorded a growth of 18.74% in its business, which stood at Rs 38,166 crore in the year ended March 31, 2010.

On an year-on-year basis, the bank's deposits increase by 16.71% to Rs 23,731 crore from Rs 20,333 crore. The advances surged 22.23% to Rs 14,436 crore from Rs 11,810 crore.

The bank said that the increase in CASA deposit during the last fiscal was 36%.

The bank's CAR stood at 12.37% under Basel II as at the end of March 2010.

The bank's directors at a meeting held on May 17, 2010 announced a dividend of Rs 4 per share.

The private sector banking institution, which has 464 arms, has decided to increase the number to 480 and also its own ATMs to 300 from 217 by the end of March 2011.

For superior administrative control, Karnataka bank has opened its 9th Regional Office in Hyderabad recently.

Under the savings bank accounts, it also introduced many products such as KBL Kishore for pupils aged 12 to 18, KBL Tarun for pupils aged 18 to 25, KBL Salary Privilege for salaried persons.