BackRakesh Jhunjhunwala, LIC of India keep faith in this banking stock in Q1
As per the shareholding pattern of Canara Bank for Q4FY22, LIC of India holds 16,02,67,464 shares or 8.83 per cent stake in banking company
PremiumDespite Nifty Bank remaining laggard for the last three years, Canara Bank shares have managed to give stellar 40 per cent return to its shareholders in last one year. Probably, this is the reason for ace investor Rakesh Jhunjhunwala and Life Insurance Corporation (LIC) of India keeping faith in the banking stock in the quarter ended June 2022. As per the shareholding pattern of Canara Bank for April to June 2022 quarter, LIC of India and Rakesh Jhunjhunwala have kept their shareholding in the PSU bank unchanged.
Rakesh Jhunjhunwala shareholding
According to Canara Bank shareholding pattern for June 2022 quarter, Big Bull Rakesh Jhunjhunwala holds 3,55,97,400 Canara Bank shares or 1.96 per cent stake in the banking company. Similarly, in January to March 2022 quarter, Big Bull used to hold same 3,55,97,400 shares or 1.96 per cent stake in the company, which means the market magnet kept his shareholding in Canara Bank unchanged in the first quarter of new financial year that began from 1st April 2022.
LIC of India share holding
As per the shareholding pattern of Canara Bank for Q4FY22, LIC of India holds 16,02,67,464 shares, which is 8.83 per cent of total paid up capital of Canara Bank. In January to March 2022 shareholding pattern of Canara Bank, LIC of India used to hold same 16,02,67,464 shares or 8.83 per cent stake in the PSU bank. So, like Rakesh Jhunjhunwala, the insurance behemoth has also kept its shareholding unchanged in Canara Bank during Q1FY22.
Canara Bank share price history
In last one month, Canara Bank share price has surged from ₹197 to ₹216 apiece levels, recording near 9.50 per cent rise in this period whereas in year-to-date (YTD) time, it has risen from around ₹205 to ₹216, delivering around 5 per cent return to its shareholders. However, in last one year, it has given more than 40 per cent return to its investors whereas in last 2 years, it has surged from around ₹102 to ₹216 levels, logging more than 110 per cent rise in this period. So, the stock has delivered multibagger return to its shareholders in last two years.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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