Technical analyst Simi Bhaumik is bullish on Canara Bank and has maintained 'buy' rating on the stock to attain a target of Rs 670 in the shot run.

According to the analyst, the investors can buy the stock with a stop loss of Rs 610.

The stock of the bank, on March 16, closed at Rs 634.45 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 7.10 respectively.

Canara Bank has entered into the advanced phases of receiving banking permits to run in Qatar, Johannesburg and Frankfurt as it eyes to build up its biz out of the country.

Moreover, the bank is also applying for authorization in New York and is researching alternatives in Nairobi and Nigeria.

Indian banking institutions are keen to discover chances for lending to Indian businesses functioning abroad, trade deals and mergers and acquisitions, mainly via ECB.

Canara Bank has lifted up $350 million under MTN programme with the aim to finance its credit development in its abroad arms.

This is Canara Bank's initiatory issue of senior unsecured notes.

Mr. S. Raman, Chairman and Managing Director, Canara Bank stated, "There is a healthy demand for foreign currency loans from Indian corporates. Overseas investors have given a good response to our maiden MTN issue. The resources we have mobilised will be channelled as loans to corporates in India and abroad and also for supporting trade-related transactions."