Sell Canara Bank; target of Rs 190: Religare

Religare is bearish on Canara bank has recommended sell rating on the stock with a target price of Rs 190 in its research report dated July 25, 2016.

July 29, 2016 / 12:48 IST

26 Aug, 2025 12:21

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Religare's research report on Canara Bank

CBK’s Q1FY17 PAT of Rs 2.3bn beat RCMLe largely due to provision write-backs of Rs 1.3bn for Uday bonds and Punjab food credit. Slippages remained elevated at Rs 39bn and the bank’s SMA-2 exposure increased sharply to Rs 98bn (Q4: Rs 55bn).

CBK has loans worth Rs 65bn/63bn under SDR/5:25 and is likely to implement S4A on accounts worth Rs 24bn in Q2/Q3FY17. Maintain SELL with a Mar’17 TP of Rs 190.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Jul 29, 2016 12:48 pm

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