Canara Bank rose 2.55% to Rs 398.10 at 11:36 IST on BSE on reports that the bank is planning to sell Rs 900 crore of sticky loans to asset reconstruction companies this quarter in an effort to clean balance sheet.
Meanwhile, the S&P BSE Sensex was up 116.16 points or 0.44% at 26,476.27.
On BSE, so far 1.18 lakh shares were traded in the counter as against average daily volume of 3.46 lakh shares in the past one quarter.
The stock hit a high of Rs 398.80 and a low of Rs 390 so far during the day. The stock had hit a 52-week high of Rs 498 on 9 June 2014. The stock had hit a 52-week low of Rs 189.90 on 28 August 2013.
The stock had underperformed the market over the past one month till 21 August 2014, sliding 3.14% compared with Sensex's 2.51% rise. The scrip had also underperformed the market in past one quarter, declining 4.25% as against Sensex's 8.49% rise.
The large-cap company has equity capital of Rs 461.26 crore. Face value per share is Rs 10.
Canara Bank Chairman and Managing Director RK Dubey reportedly said on Thursday, 21 August 2014 that the bank aims to bring down non-performing assets (NPAs) ratio to 2% by March next year. Canara Bank's gross NPA ratio stood at 2.67% while net NPA ratio was at 2.03% as on 30 June 2014.
Canara Bank's net profit rose 1.9% to Rs 806.86 crore on 11.6% growth in total income to Rs 11728.01 crore in Q1 June 2014 over Q1 June 2013.
The Government of India (GoI) holds 69% stake in Canara Bank (as per the shareholding pattern as on 30 June 2014).
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