Rekha Jhunjhunwala increased stake in this PSU bank in Q3; Stock up 62% in 2022

However, Rakesh passed away on August 14, 2022. But his assets including shares and property were passed on to his family. his wife rekha jhunjhunwala Since then diversifying himself and his stock portfolio.

Rekha Jhunjhunwala’s shareholding during Q3FY23, as per regulatory filing Canara Bank 3,75,97,600 equity shares or 2.07%. This is an increase of 0.59% in its stake in Canara Bank as compared to the September 2022 quarter, where the shareholding stood at 1.48%.

According to Trendline data, Jhunjhunwala’s net worth in stocks increased marginally during Q3 FY23 33,230.35 crores. There are chances of getting money in January 2023 so far 33,061.17 crores. Titan, Star Health & Allied Insurance, Metro Brands, Tata Motors and Canara Bank are the top 5 stocks in Jhunjhunwala’s portfolio in terms of value.

Canara Bank stock ended on Friday 320.35 on the BSE, down 2.18%. The bank’s market cap is around 58,115.66 cr. Owing to the bearish market tone, Canara Bank shares declined by around 5% in the week of January 2 to January 6, which is the first week of 2023.

However, in 2022, the share price of Canara Bank saw an uptick of over 62% on Dalal Street. The stock also touched a 52-week high 341.60 in December to Rs.

Canara Bank stock will remain in focus ahead of Q3FY23 earnings.

In its Q3FY23 preview report, Kotak Institutional Equities on Canara Bank said, “We expect the bank to report a strong growth in PPOP of ~45%, driven by higher cost basis, resulting in ~70% YoY growth.” Earnings have picked up. NIM is expected to expand marginally in QQ, driven by increased competition for deposits.”

“We expect a decline of 1.8%, but GNPL continues to trend downward due to higher recoveries and upgrades. We expect the focus on operating profit growth and its drivers, Given that asset quality for the bank has improved significantly. Provisioning is likely to be ~1.5% lower qoq mainly towards improvement in PCR.”

Moreover, the brokerage has ‘Add’ recommendation on Canara Bank shares with fair valuation. 340.

During Q2FY23, Canara Bank reports 89.42% growth in net profit 2,525 crores to 1,333 crore in Q2FY22. Net interest income grew by 18.51% in Q2FY23. Meanwhile, global trade grew by 13.89% year-on-year and gross advances grew by 20% year-on-year. Retail loans grew by 12.52% year-on-year and housing loans grew by 17.01% year-on-year. Gold loan portfolio increased by 32.86% 1,08,794 crores. Gross NPA ratio to decline from 6.98% in June 2022 to 6.37% by September 30, 2022 and 7.51% by March 2022.

Notably, as on September 30, 2022, Canara Bank has 9,722 branches, of which 3,040 are rural, 2,748 semi-urban, 2,002 urban and 1,932 metro along with 10,759 ATMs. The bank also has 3 overseas branches in London, Dubai and New York.

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