5 Stocks to Watch Today: Canara Bank, Nykaa Lead the Pack

Canara Bank stock rises marginally on Friday

5 Stocks to Watch Today Shares of Canara Bank rose by 1.71% during Friday’s trading session, as of 10:25 AM IST. The stock opened at ₹110.15 and recorded an intraday high of ₹110.20 and a low of ₹107.75. Its 52-week high stands at ₹129.35, while the 52-week low is ₹82.66.

As of now, approximately 938,330 shares have been traded on the counter. The stock’s PE ratio is 6.20, and its PB ratio is 1.05, with a dividend yield of 2.95%. Canara Bank holds a market capitalization of ₹99,731.81 crore, ranking 9th by market cap.

The broader market also showed modest movement. The Nifty50 index was up by 5.96 points at 24,702.45, while the BSE Sensex increased by 12.31 points to 81,778.17 at the same time. Out of the Nifty50 pack, 23 stocks were trading higher, while 27 were in the red.

For the quarter ending September 30, 2024, Canara Bank reported consolidated sales of ₹38,006.05 crore, reflecting a 2.81% increase from the previous quarter’s ₹36,965.75 crore and a 12.14% rise compared to the same quarter last year.

5 Stocks to Watch Today: Shares of Canara Bank rose by 1.28% to ₹106.50 during Wednesday’s session as of 10:20 AM IST, even as the Sensex gained 329.82 points to reach 81,175.57. The stock opened higher at ₹106.00, achieving an intraday high of ₹106.95 and a low of ₹105.60.

A total of 496,606 shares were traded on the NSE by this time. The stock’s 52-week high and low stand at ₹129.35 and ₹82.66, respectively. Canara Bank’s PE ratio is 6.03, with an EPS of ₹17.64 and a PB ratio of 1.27. The return on equity (ROE) is reported at 18.4%.

Promoters held a significant stake of 62.93% in the company, while foreign institutional investors (FIIs) and mutual funds owned 11.91% and 3.49%, respectively, as of December 4, 2024.

In the public sector banking sector, Canara Bank boasts a market capitalization of ₹96,511.73 crore. For the quarter ending September 30, 2024, the bank recorded consolidated sales of ₹38,006.05 crore, reflecting a 2.81% growth from the previous quarter’s ₹36,965.75 crore and a 12.14% increase compared to the same quarter last year.

5 Stocks to Watch Today : On December 4, 2024, Canara Bank’s stock surged by 3.04%, outpacing the public banking sector, which gained 2.03%, and surpassing the Sensex’s 1-day growth of 0.33%. The stock has been on a two-day winning streak, recording a cumulative increase of 6.59%. It also hit an intraday high of ₹108.50, reflecting a 3.19% rise.

The bank’s stock currently trades above its 5-day, 20-day, 50-day, and 100-day moving averages, though it remains below the 200-day moving average. Canara Bank offers an attractive dividend yield of 3.06%, making it a compelling option for income-focused investors.

In terms of performance, the bank has outshined the Sensex over multiple timeframes. It posted a 1-day return of 3.23% and a 1-month return of 6.47%, significantly better than the Sensex’s respective returns of 0.33% and 2.95%.

Investment advisory platform MarketsMojo has assigned a ‘Hold’ rating to the stock, suggesting it could be a viable choice for investors, though further research and consultation with a financial advisor are recommended before making investment decisions.

Overall, Canara Bank continues to show strong market momentum and remains a key performer within the public banking sector.

5 Stocks to Watch Today: After three consecutive days of gains, the markets experienced a volatile session, ending nearly flat. In today’s trading, stocks such as Vodafone Idea, ITC, Canara Bank, Hyundai Motor India, Ola Electric, and others are expected to be in the spotlight due to significant developments.

Key Stocks and Updates: 5 Stocks to Watch Today

Rate-Sensitive Stocks:
Investors will closely watch banking, auto, and realty stocks as the RBI announces its policy decision at 10 AM today.

Vodafone Idea (Vi):
Vi’s board is set to consider a proposal on December 9 to raise ₹2,000 crore from promoter Vodafone Group entities through a preferential issue.

Hyundai Motor India:
Hyundai has announced a price hike of up to ₹25,000 across its models, effective January 1, 2025. The decision is attributed to rising input costs, unfavorable exchange rates, and higher logistics expenses.

Canara Bank:
The RBI has approved Canara Bank’s plan to sell stakes in its mutual fund and insurance subsidiaries through an IPO. The bank’s board initially approved this stake sale in March 2024.

ITC:
ITC plans to significantly expand its Farmer Producer Organisations (FPOs) network, aiming to connect one crore farmers over the next 4-5 years. The initiative will also boost its fruit and vegetable sourcing capabilities.

FSN E-Commerce Ventures (Nykaa):
Nykaa Fashion’s CEO, Nihir Parikh, has stepped down from his role, with his resignation taking immediate effect.

Ola Electric:
The Central Consumer Protection Authority (CCPA) has requested additional documents from Ola Electric regarding complaints from October concerning 10,644 cases.

Public Sector Banks (PSBs):
PSBs have underperformed in achieving their targets for key social security insurance schemes, including PMSBY and PMJJBY, meeting only 40% and 30% of their respective goals by October 2024-25.

Procter & Gamble Hygiene & Healthcare:
P&G has shifted to sourcing stainless steel strips for its Gillette razors from India. This strategic move is designed to safeguard margins against potential tariffs under policies expected from US President-Elect Donald Trump.

Garden Reach Shipbuilders & Engineers:
The company has signed a contract to construct and deliver the second of four 7,500 DWT multi-purpose vessels in Germany. It previously secured an order for four additional vessels in September.

RITES:
RITES has been appointed as the project management consultant (PMC) for the phase II campus development of IIM Raipur. The project is valued at ₹148.25 crore.

Waaree Energies:
The solar PV module manufacturer has received NABL accreditation for its PV module testing lab at its Gujarat manufacturing facility.

Afcons Infrastructure:
Afcons Infrastructure, a recent market entrant, has successfully completed the longest tunneling drive for the Tughlakabad-Aerocity corridor as part of the Delhi Metro Phase IV project, in collaboration with DMRC.

Investors should monitor these stocks closely as they may present significant opportunities amidst today’s market developments.

5 Stocks to Watch Today: Several stocks are expected to see significant activity today, including Canara Bank, Nykaa, Mishtann Foods, Ola Electric, Dr. Reddy’s Laboratories, Garden Reach Shipbuilders & Engineers (GRSE), Ramco Systems, Waaree Energies, Narmada Gelatines, and Rajoo Engineers.

Key Updates: 5 Stocks to Watch Today

Canara Bank
The Reserve Bank of India has approved Canara Bank’s plans to divest a portion of its shareholding in Canara Robeco Asset Management Company Ltd (13%) and Canara HSBC Life Insurance Company Ltd (14.5%) through an Initial Public Offering (IPO).

Nykaa (FSN E-commerce Ventures)
Nihir Parikh, CEO of Nykaa Fashion, has stepped down from his role due to personal commitments, effective December 5, 2024. He has been relieved of his duties as of the close of business hours the same day.

Dr. Reddy’s Laboratories
The company disclosed that its Kazakhstan subsidiary has been fined ₹28.7 lakh by the Kazakh revenue authority for disallowing certain expense claims from the 2021 tax year.

Ola Electric
The Central Consumer Protection Authority (CCPA) has requested additional documentation from Ola Electric. The company has been given 15 days to respond to this inquiry.

Mishtann Foods
The Securities and Exchange Board of India (SEBI) has barred Mishtann Foods Ltd and its key executives, including promoter and CMD Hiteshkumar Patel, from participating in securities markets. This action follows allegations of financial mismanagement, fraudulent transactions, and governance lapses.

Ramco Systems
Ramco Systems has partnered with Hanjin Information Systems & Telecommunication (HIST), a subsidiary of the Hanjin Group in Korea. This collaboration aims to integrate Ramco’s next-generation aviation maintenance software with HIST’s IT consulting expertise to digitally transform aviation organizations in Korea.

Narmada Gelatines
The company has acquired 10.03 lakh shares, equivalent to 14% of the paid-up capital of India Gelatine & Chemicals Ltd, as part of an investment strategy for its surplus funds.

Waaree Energies
Waaree Energies has achieved NABL accreditation for its PV Module Test Lab (PMTL) at its manufacturing facility in Chikhli, Gujarat. This marks the company’s second NABL-accredited facility, reinforcing its commitment to innovation and sustainability.

Rajoo Engineers
The company has installed a state-of-the-art Coordinate Measuring Machine (CMM) from Mitutoyo Japan, enhancing precision and quality in its plastic extrusion machinery manufacturing processes. This investment underscores Rajoo’s focus on technological excellence.

Garden Reach Shipbuilders & Engineers (GRSE)
GRSE has signed a contract to construct and deliver the second of four 7,500 DWT multi-purpose vessels in Hamburg, Germany. Further contracts for the remaining vessels will be announced upon signing.

These developments are likely to influence market movements and present potential opportunities for investors.