Investors in Canara Bank are thrilled with the recent performance of the bank’s shares, which have seen a notable uptick despite the broader market downturn. On Monday, even as markets were down, Canara Bank’s stock price surged by 3%, reaching ₹141.45 – the highest in the past 52 weeks. Over the past three trading sessions, the stock has risen by over 10%. Interestingly, the broader indices, Sensex and Nifty 50, have remained in the red during the same period.

The surge follows the release of the bank’s financial report for the second quarter of the current fiscal year, which has sparked greater interest from investors. For the period between July and September, Canara Bank reported a 19% year-on-year increase in net profit, reaching ₹4,774 crore, compared to ₹4,014 crore for the same quarter last year. While the bank’s net interest income showed a slight decline, its operating profit saw a solid 12.20% increase, reaching ₹8,588 crore. Additionally, Canara Bank’s global business has seen significant growth, further strengthening investor confidence.

Another contributing factor to the rise in stock prices for state-owned companies like Canara Bank is the ongoing discussions within the government about increasing the limit for foreign investments in public sector banks. If implemented, this could bring substantial inflows into the sector, providing a boost to stock prices.

In the past six months, Canara Bank’s share price has increased by 44%, while in the past year, it has gained over 37%. Over the last five years, the stock has delivered an impressive return of 660%, providing substantial gains to investors. Market experts remain optimistic about the continued growth of Canara Bank, with several brokerage firms assigning a “Buy” rating to the stock.