The share of Canara Bank, which is included in the portfolio of Big Bull Rakesh Jhunjhunwala, reached Rs 178.90 on Friday. It had gained momentum in intraday trading today itself and later it reached its new 52-week peak. Earlier, this public sector stock had made a new high of Rs 177.40 in Thursday’s intraday trading.
Rally for 5th consecutive day in Canara Bank
This stock has registered a rally for the fifth consecutive day and so far it has gained 13 per cent, while the BSE Sensex rose only 0.72 per cent during this period. The Sensex has lost 2.2 per cent in the last one week. Last month, Canara Bank raised Rs 2,500 crore through Qualified Institutional Placement (QIP). Along with this, it had issued more than 16.73 crore shares to Qualified Institutional Buyers i.e. QIB at the rate of Rs 149.35 per share. Due to the ongoing rally for the past one week, this stock has gone up 20 percent from the share prices sold to QIP.
JhunJhunwala Portfolio: This share of Rakesh Jhunjhunwala’s portfolio jumped 40% in a single month, is it still worth it?
CRISIL Ratings hikes bond rating
Canara Bank had said that it would use the funds raised from the shares issued to QIP and QIB to raise Tier-1 capital. As of August 24, 2021, Rakesh Jhunjhunwala held more than 2.88 crore equity shares of Canara Bank. According to the shareholding pattern, Jhunjhunwala’s stake in the bank works out to 1.59 per cent.
Meanwhile, CRISIL Ratings has upgraded the rating of the bank’s Tier-1 bonds (Basel III) from CRISIL AA/Stable to CRISIL AA+/Stable. Rakesh Jhunjhunwala recently increased his stake in this bank. At present, half of Jhunjhunwala’s portfolio is trading below its 52-week peak. However, the three big stocks in their holding have registered an increase of 78 percent.
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