Pick of the Year 2024 by Anil Singhvi - This PSU banking stock can give 70% return

Pick of the Year 2024 by Anil Singhvi: Canara Bank, part of the PSU banking segment, is another Pick of the Year 2024 by Zee Business Managing Editor Anil Singhvi. He said that investors who are looking for double the return offered by fixed deposits (FDs) can buy this stock. 

Pick of the Year 2024 by Anil Singhvi: Canara Bank Share Price Target

Singhvi said that investors should buy Canara Bank stocks for 1-3 years with targets of Rs 525, Rs 640 and Rs 750. 

Pick of the Year 2024 by Anil Singhvi: Why to buy?

Singhvi said Canara Bank stock is one of the cheapest stocks of public sector banks. "It is the cheapest PSU bank stock as the share is trading at 1x PB (price-to-book ratio) and 5.5x PE (price-to-earnings ratio). If we look at the adjusted PE of its three subsidiaries, it will appear at 4x PE. There is also a dividend yield of around 3 per cent. Overall good valuation comfort. Also, its three subsidiary companies have valuations of around Rs 10-15 thousand crore. The three subsidiaries are Canara Roboco Mutual Funds, Canfin Homes and credit card business. In the government sector, Canara Bank is the second largest credit card issuer," Singhvi said. 

PICK Of The Year 2024:

Canara Bank पर क्यों Bullish है अनिल सिंघवी?

Canara Bank शेयर में मिलेगा FD से दोगुना रिटर्न... होगी वैल्यु अनलॉकिंग?

कितने समय के लिए और कैसे करें SIP... क्या हैं टार्गेट्स?@AnilSinghvi_ #StocksToBuy #invest #PICKOfTheYear #AnilSinghvi pic.twitter.com/wKiCeEQFFI

— Zee Business (@ZeeBusiness) January 3, 2024

Pick of the Year 2024 by Anil Singhvi: How to invest?

It is the top-ranking bank in digitalization among all the banks in India. Also, in the last 18 months, FIIs have increased their share from 4 per cent to 11.2 per cent. 

Anil Singhvi said investors must do an SIP on every 7 per cent dip in share price.