Canara Bank Share Price – QIP launched – Analysts recommend buy on this PSU bank stock – stop loss, target price, time – DETAILS HERE

Canara Bank Share Price – State run Canara Bank Limited launched the Qualified Institutional Placement (QIP) of equity shares on Tuesday to raise funds up to Rs 2,500 crore. The board of the public sector lender has approved a floor price of Rs 155.58 per share and the bank may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the QIP.

The stocks were up 2.6 per cent on the NSE on Wednesday and were trading at Rs 156.70 at 12:25 pm. This was above the floor price of the QIP. Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that QIP has been brought close to the trading price usually and it mainly for institutional investors for bulk buying.

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QIPs is a way listed companies can raise money from the markets by issuance of shares without having to go through standard regulatory compliances.

The QIP was launched on Tuesday after a Sub Committee of the Board after its meeting gave a nod. The Board of Directors of the Company is scheduled to meet on August 23, 2021, to consider and approve the issue price of the QIP.

Top Stock to Buy – Canara Bank  

Jain said that this stock is a good PSU Bank counter and recommended buying on dips. The first target price is Rs 165 while the next target price is Rs 175, the AVP said. He puts the stop loss at Rs 143. He has a 1-month view on this stock. The stock is moving sideways.

Another analyst Sumeet Bagadia sees the support between 140-145 levels. He recommended buy on dips. Any dip till 150 is a buying opportunity he said. He sees a resistance at RS 160. Once the stock breaches this level, the upside will be open till Rs 175 and Rs 180 in the short to medium term period, he further said.  

The 52-week high on this stock is Rs 174.60 while the 52-week low is at Rs 82.25.