Technical analyst Ashish Chaturmotha maintained 'buy' rating on Canara Bank Limited stock with a target of Rs 640.

According to analyst, the investors can buy the stock with a stop loss of Rs 580.

The stock of the company, on Feb 21, closed at Rs 599 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 6.55 respectively.

Canara Bank announced that it has launched around 35 divisions across India, taking the overall number of arms to 3,212.

Aside from this network of division, state-owned lender also owns 2,150 ATMs to serve up a customer base of over 38 million.

These new arms have been opened in 14 states.

Out of these branches, 31 divisions are in rustic and semi-urban regions.

At the start of the existing fiscal, Canara Bank had framed a plan to introduce 200 divisions by March 2011.

Thus far, Canara Bank has rolled out 170 divisions, comprising introduction of 100 divisions on its Founder's Day on November 19, 2010.

In December last year, Canara Bank's overall biz crossed Rs 4.5 lakh crore and it registered a net profit surpassing Rs 1,000 crore each for the three successive quarters during FY11.