Shares of Canara Bank Ltd touched a 52-week high of Rs 128.55 in Tuesday’s session before trading slightly lower at Rs 127.14, up 2.91% over the week. The public sector lender’s market capitalization now stands at Rs 1.15 trillion, with the stock gaining steadily over the past few sessions amid positive sentiment toward PSU banks.
Global brokerage firm UBS has retained its ‘Buy’ rating on Canara Bank, setting a target price of Rs 150 per share. The brokerage cited the bank’s improving profitability outlook, led by stable net interest margins, better credit growth, and controlled slippages. UBS expects earnings to remain robust in the near term, supported by healthy loan demand and strong asset quality metrics.
Canara Bank’s recent rally has been driven by improved operating performance and steady advances growth. The stock has gained more than 60% over the past year, outperforming several other PSU peers.
At the time of writing, Canara Bank’s shares traded between Rs 126.20 and Rs 128.55 during the session, with an average daily volume of over 22 million shares on NSE.
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