Rakesh Jhunjhunwala Portfolio stocks: Due to global cues, there was a lot of volatility in the stock market during the fourth quarter of FY22. During this time, Rakesh Jhunjhunwala, one of the veteran investors of Dalal Street, was busy finding earning opportunities for himself. In this quarter, he has increased his stake in Bengaluru-based Canara Bank. It is the third nationalized bank in the country owned by the Government of India.
Jhunjhunwala had included Canara Bank stock in his portfolio in August last year. Since then, he has been increasing his stake in the bank considering the growth prospects.
Share increased in March quarter
As of March 2022, Jhunjhunwala has increased his stake in Canara Bank to 35,597,400 equity shares or 1.96 per cent. During the last quarter i.e. October-December, 2021, Jhunjhunwala’s holding in Canara Bank was 1.6 percent.
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Thus, Jhunjhunwala’s stake in Canara Bank has increased by 0.36 per cent on a quarterly basis.
70 percent return given in one year
On Friday, Canara Bank’s stock closed 0.63 per cent higher at Rs 248.30 on the BSE. The valuation of the bank at the current stock price is over Rs 45,000 crore.
Shares of Canara Bank have given strong returns of about 70 per cent during one year. The bank’s stock stood at Rs 147.2 on April 8 last year.
December quarter results were good
Going forward, the bank will be in the headlines for the fourth quarter results. Earlier, in the quarter ended December 2021, the bank’s results were very good. Canara Bank’s profit grew by about 115 per cent year-on-year to Rs 1502 crore in the December quarter, as against Rs 696.1 crore in the year-ago quarter. Canara Bank’s interest income grew by 14.1 per cent year-on-year to Rs 6945 crore. The interest income of the bank stood at Rs 6086.5 crore in the same quarter a year ago. On a quarterly basis, the provisioning of the bank has come down from Rs 3,360 crore to Rs 2,245 crore.
The outlook for the banking sector is strong
According to a Livemint report, Vinod Nair, Head of Geojit Financial Services, said, “The market is now eyeing the fourth quarter results season, which will begin next week with the results of IT and banking sector companies. The outlook for the banking sector remains better than before due to credit growth and improvement in the balance sheet. On the other hand, due to seasonal weakness, there is a mixed outlook for the IT sector.