Canara Bank shares surged by 5% following a 1:5 stock split, attracting attention from experts who foresee further potential gains. The split, decided by the board of directors with a record date set for May 15, 2024, saw Canara Bank shares trading ex-split. On the NSE, the adjusted closing price stood at ₹113.30 per share on Tuesday, with the post-adjustment opening price reaching ₹116.25 and an intraday high of ₹118.90 per share.

Market analysts predict that the stock split will amplify Canara Bank's trading volume, especially considering its attractive valuation post-split, with a promising PE multiple of approximately 1.47. This suggests the bank's adept management of funding costs, fueling expectations of further upward momentum in share price.

Saurabh Jain, Vice President—Research at SMC Global Securities, emphasized Canara Bank's competitive edge in funding costs, which could translate to superior performance compared to peers amidst prevailing interest rate trends.

Technical Research Analyst at Prabhudas Lilladher, Shiju Koothupalakkal, noted resistance levels for Canara Bank shares around ₹119 to ₹120 per share. However, he anticipates a breakthrough, potentially propelling the state-owned stock to surpass previous record highs.

Canara Bank's board recently announced a stock subdivision, reducing the face value from ₹10 to ₹2 per share, with the record date scheduled for May 15, 2024.

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