Why has Canara Bank stock spiked so sharply in last few weeks?
Answer
Answer
Canara Bank hit a 2-year high of Rs.242 after a string of bond upgrades by ICRA. Canara Bank has already rallied 37% in one month and almost 62% since its QIP placement in August. It may be recollected that Rakesh Jhunjhunwala had participated in the QIP at a price of Rs.149.35. ICRA noted that improved capital cushion post the Rs.2,500 crore infusion had improved Canara Bank’s solvency profile.