PSU banks continue winning streak for 3rd day in a row; Canara Bank, BoB, SBI reach new record highs
UCO Bank lead the pack, with returns of 4.8% and 4.3%, respectively, as of 2:30 p.m. Canara Bank shares surged to a new record high of ₹594.7 each, marking a nearly 5% gain. The stock has been on a strong upward trend since the bank's Q3 result announcement on January 24.
Today's rally has pushed the stock to gain a multi-bagger return of 104% in a year. Similarly, Bank of Baroda shares also touched a new record high of ₹277 apiece in today's session by gaining 3.50%. The bank also saw its shares grow steadily after the release of the Q3 numbers.
Also Read: 13 Nifty 500 stocks priced under ₹100 have gained up to 425% in a year During the last week of January, BoB shares jumped 12.40%, posting the biggest weekly jump since February 2021. In CY24 so far, it has zoomed 19%. State Bank of India (SBI) shares also gained 2.43% to register a new all-time high of ₹761.5 apiece in today's session.
In its latest report, domestic brokerage firm Motilal Oswal retained its 'buy' call on the stock with a target price of ₹860 apiece. The brokerage highlights State Bank of India's consistently strong performance for the past few years, achieving new profitability milestones such as surpassing ₹500 billion in PAT in FY23. "Opex has been elevated due to high wage and pension provisions affecting PPoP growth; however, we expect earnings to gain traction from FY25 onwards after this opex blip," said the brokerage.
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