Rakesh Jhunjhunwala Portfolio Canara Bank share price has hit a 52-week high today due to the news of Can Fin Homes stake sale. Rakesh Jhunjhunwala’s stock opened with gains today ₹52-week high of 0.55 more reached ₹182.40 per share level – an increase of about 2.50 percent from yesterday’s end ₹176.85 per stock level on NSE.
Stock market analysts said the market was buzzing with the news of Canara Bank selling its stake in its subsidiary Can Fin Homes. In fact, the share price of Can Fin Homes also hit a lifetime high in this morning’s deals ₹712.50 each.
Rakesh Jhunjhunwala speaking on the reason for the rise in the stock price of Portfolio today; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “Canara Bank’s stake is increasing due to market buzz about stake sale in Can Fin Homes subsidiary of Can Fin Homes. In fact, the share price of Can Fin Homes is also increasing. The market is anticipating fair value gains for Canara Bank following signs of recovery in the real estate sector on rising demand.As Can Fin Homes is in the housing finance business, the real estate market is expected to hit an all-time high. It is expected to get better quantity due to increase in demand.” Therefore, in view of stake sale in Can Fin Homes, Canara Bank is expected to get better price in the current market scenario.
Avinash Gorakshakar of Profitmart Securities said the demand for real estate by IT professionals has been fueled. He added that most of the IT companies have declared dividend for their shareholders which means strong Q2FY22 numbers. Hence, the demand for the real estate sector is expected to remain at a higher level which will lead to growth in the business of housing finance companies.
To advise market investors to buy Canara Bank shares at the current market price; Sumeet Bagadia, Executive Director, Choice Broking said, “Canara Bank shares can be bought at the current market price for a short-term target. ₹200 to ₹maintain stop loss at 225 ₹165 per equity level.”
Rakesh Jhunjhunwala’s stake in Canara Bank
As per Canara Bank’s holdings as on August 24, 2021 available on the BSE website, Big Bull holds 2,88,50,000 Canara Bank shares, which is approximately 1.59 per cent of the total issued net paid-up capital of the PSU Bank.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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