Canara Bank hits over 2-year high; stock zooms 62% from QIP price

The stock was up 6% to Rs 242.60 and has rallied 62% against qualified institutional placement (QIP) price of Rs 149.35 per share

Shares of Canara Bank hit an over two-year high of Rs 242.60 after they rallied 6 per cent on the BSE in Monday's intra-day trade after rating agency ICRA upgraded the rating of Bank's Basel III Tier II Bonds to "ICRA AAA (Stable)" from "ICRA AA+(hyb) (Stable)". The rating agency has also upgraded its ratings on the Basel III Additional Tier I Bonds to "ICRA AA+ (Stable)" from "ICRA AA (hyb) (Stable)".

The stock of the public sector bank was trading at its highest level since July 2019. In the past one month, Canara Bank has outperformed the market