Rekha Jhunjhunwala Portfolio Alert! PSU Bank Stock To Hit Ex-Date On 13th June; Buy Today For Rs 4 Dividend?

Founded in 1906, Canara Bank is a public sector bank that is owned by the Government of India. Bangalore serves as its headquarters. In addition to trading ex-dividend tomorrow, June 13, Friday, the PSU Bank stock is also one of the portfolio stocks of Rekha Jhunjhunwala, the late Rakesh Jhunjhunwala's wife and legal heir, who currently owns a 1.46% stake in Canara Bank, or 132.44 million shares, as of the quarter that ended on March 31, 2025. As a result, the stock is expected to attract more market attention in the coming sessions. Rekha actively raised her shareholding, as seen by the growth in her stake from 1.42% in the quarter ended in December 2024 to 1.46% in the quarter ended in March 2025. This corresponds to an acquisition of over 3.75 million shares in Q4 FY25.

Canara Bank Dividend

"The Board of Directors of the Bank has recommended a dividend of Rs 4/- per equity share (i.e. 200%) of face value of Rs 2/- each to the Shareholders for the financial year 2024-25, subject to the approval of the Shareholders at the AGM. It has been decided to pay the dividend to the Shareholders whose names appear on the Register of Shareholders / Beneficial Owners as furnished by NSDL / CDSL as on Friday, 13th June 2025 (hereinafter referred to as Record Date). The dividend will be paid to the Shareholders within 30 days from the date of declaration at the Annual General Meeting (26th June 2025)," said Canara Bank in its annual report.

Canara Bank News

"We hereby intimate to stock exchanges that the meeting of Board of Directors of the Bank is rescheduled on Thursday, 12th June, 2025, to consider and approve Capital Raising Plan of the Bank for FY 2025-26, subject to necessary approvals/ permissions," the PSU Bank has informed stock exchanges.

Canara Bank Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said "Canara Bank (CANBK) is currently trading at ₹116.3. The stock recently witnessed profit booking from higher levels and formed a bearish engulfing candlestick pattern on the chart. As long as the price holds above the previous swing low of ₹114, the stock is expected to remain in a sideways zone. However, if it breaks below this support, we could see further downside towards ₹112 and ₹106, which will act as key immediate support levels."

"On the flip side, if the stock manages to break above ₹120, it could trigger fresh buying interest, pushing the stock toward ₹125 and ₹130 in the near term. Notably, Canara Bank is scheduled to trade ex-dividend on June 13, with a dividend payout of ₹4 per share, which could influence near-term sentiment and price movement," the analyst added.

"Despite recent consolidation, the overall trend remains bullish, and long-term investors can continue holding the stock. For risk management, a stop-loss at ₹112 is advised. Traders and investors should watch the ₹114-₹120 range closely for either a breakdown or breakout confirmation," Mandar Bhojane further commented.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.