Buzzing Stocks: Canara Bank Plunges Over 3 Per Cent, Ceat Tumbles 10 Per Cent

Canara Bank on Tuesday reported over two-fold jump in its net profit at Rs 1,332.61 crore in Q2 quarter ended September of this fiscal.

The bank had posted a net profit of Rs 444.41 crore in the same period of the previous fiscal year.

Total income of the bank also rose to Rs 21,331.49 crore during July-September period of 2021-22, as against Rs 20,793.92 crore in same period of 2020-21, Canara Bank said in a regulatory filing.

Bank's gross non-performing assets (NPAs) were a tad up at 8.42 per cent of the gross advances as of September 30, 2021, as against 8.23 per cent by end of September 2020. However, it fell sequentially from 8.50 per cent by end of June 2021 quarter.

In value terms, the gross NPAs stood at Rs 57,853.09 crore, up from Rs 53,437.92 crore. Net NPAs (bad loans), however, fell to 3.21 per cent (Rs 20,861.99 crore) from 3.42 per cent (Rs 21,063.28 crore).

Provisions for bad loans and contingencies for the reported quarter fell to Rs 3,360.23 crore from Rs 3,974.02 crore in the same period a year ago.

On a consolidated basis, there was a net profit of Rs 1,100.59 crore in September 2021 quarter, up by over two-times from Rs 465.88 crore in year ago period.

Total consolidated income was up at Rs 23,876 crore, from Rs 22,638.26 crore.

Meanwhile, shares of tyre maker Ceat Ltd on Tuesday tumbled nearly 10 per cent after the company reported a 77 per cent decline in consolidated net profit for the second quarter ended September 30.

The stock tanked 9.92 per cent to Rs 1,165 on the BSE. At the NSE, it tumbled 7.94 per cent to Rs 1,191.

Tyre maker Ceat Ltd on Monday reported a 77 per cent decline in consolidated net profit at Rs 42.28 crore for the second quarter ended September 30, impacted by higher input costs.

The company, which posted a consolidated net profit of Rs 182.18 crore in the same quarter last fiscal, also said its board at a meeting held on Monday approved raising of up to Rs 500 crore through issuance of debt securities on a private placement basis.

Consolidated revenue from operations during the quarter under review stood at Rs 2,451.76 crore, as against Rs 1,978.47 crore in the year-ago period, Ceat Ltd said in a regulatory filing.

(With PTI Inputs)