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Markets are poised for a potential sixth consecutive day of gains as investors await the Reserve Bank of India's Monetary Policy Committee meeting. Key stocks to watch include Canara Bank, Waaree Energies, and Afcons, which are expected to draw significant attention in today's trading session.
Canara Bank has received approval from the Reserve Bank of India to proceed with initial public offerings for its subsidiaries, Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company. The bank plans to divest a 13% stake in Canara Robeco AMC and a 14.5% stake in Canara HSBC Life Insurance, with a directive to reduce its holdings to 30% by October 31, 2029. Over the past year, Canara Bank's share price has increased by approximately 24%, raising its market capitalization to over Rs 98,000 crore.
Canara Bank has received approval from the Reserve Bank of India to divest its stakes in Canara Robeco Asset Management Company Ltd and Canara HSBC Life Insurance Company Ltd by 13% and 14.5%, respectively, through an Initial Public Offer (IPO). The bank must comply with a timeline set by the Government of India to reduce its holdings in these entities to 30% by October 31, 2029.
Suraksha Diagnostic, Canara Bank, Nykaa, India Gelatine, Subex, Ramco Systems, and GPT Healthcare are among the stocks to watch on Friday. Notably, GPT Healthcare has signed a Memorandum of Understanding for the construction and finishing of a hospital building in Jamshedpur, Jharkhand.
Bank stocks experienced a sharp decline on November 21, driven by a broad market sell-off and bribery allegations against Gautam Adani and his executives. Most banking stocks fell, with major public sector banks like State Bank of India and Bank of Baroda losing 4-8%, while private sector banks showed relatively better performance.Following the Hindenburg report in January 2023, several banks disclosed their exposure to the Adani Group, with Life Insurance Corporation reporting Rs 35,920 crore and State Bank of India revealing approximately Rs 27,000 crore in total exposure.
Canara Bank's CEO, K Satyanarayana Raju, indicated that the bank may not pursue a credit card subsidiary after the Reserve Bank of India rejected its proposal due to concerns over unsecured loan portfolios. Instead, the bank has established a dedicated wing for credit card operations, which became operational on October 1.
Motilal Oswal has issued a bullish recommendation for Canara Bank, setting a target price of Rs 125 in their report dated October 29, 2024. The bank reported a 11.3% YoY growth in standalone PAT for 2QFY25, driven by lower operating expenses, while loan growth reached 10.3% YoY. Asset quality improved, with GNPA and NNPA ratios decreasing, and management projects an 11% credit growth for FY25.
Maruti Suzuki, Cipla, and the Adani Group are among 139 companies releasing their Q2FY25 earnings today, with Cipla expected to see a modest profit rise and Maruti facing challenges from declining volumes. Bharti Airtel reported a significant 168% Y-o-Y profit increase, while Sun Pharma's net profit grew by 28%. Indian equity indices opened slightly lower after a positive previous session.
Canara Bank
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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