SBI shares near 52-week high post 6.35% stake buyout of Canpac Trends at Rs 50 crore

Canpac Trends is a Gujarat-based packaging and printing company that offers multiple packaging solutions such as duplex printed cartons, corrugated cartons, flexible laminate pouches, paper bags, rigid boxes, and more

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Shares of State Bank of India (SBI) gained 1 percent to Rs 628.9 per share on December 15, trading near its 52-week high level after the state-owned lender acquired 6.35 percent stake in Canpac Trends for Rs 50 crore.

In the past one month, the stock of India’s largest lender surged 7 percent as against 8 percent rise in the Bank Nifty index. Earlier, SBI shares had hit a 52-week high of Rs 629.6 on December 15, 2022.

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According to exchange filing dated December 14, SBI mopped up around 3.7 lakh shares of Canpac Trends for Rs 1,329 per share, with the objective of capital appreciation.

Canpac Trends is a Gujarat-based packaging and printing company that offers multiple packaging solutions such as duplex printed cartons, corrugated cartons, flexible laminate pouches, paper bags, rigid boxes, and more.

As of March 2023, the total income of Canpac Trends was at Rs 389.72 crore, while profit-after-tax stood at Rs 9.82 crore, and total assets were at Rs 424.32 crore.

ALSO READ: SBI Mutual Fund buys 1.5% stake Karur Vysya Bank for Rs 190 crore

Historically, the total income of Canpac Trends stood at Rs 389.72 crore in FY23, Rs 347.35 crore in FY22, and Rs 230.9 crore in FY21.

That apart, the PSU lender hiked the marginal cost of funds-based lending rate (MCLR) on select tenures by 5-10 basis points on December 15, making most consumer loans (like auto or home loans) costlier for borrowers.

In an earlier note, analysts at LKP Securities had shared a ‘buy’ rating for SBI, with a target price of Rs 697 apiece.

“The bank has established total standard asset and contingent provision of Rs 33,700 crore as on Q2FY24. With ample contingent buffer (against ECL provisions) and strong growth outlook, we believe the annual return on equity (RoE) target of 15 percent is achievable in FY24E/25E,” the brokerage firm had said.

Analysts at Nirmal Bang Institutional Equities also shared a ‘buy’ call for SBI, with a target price of Rs 709 per share.

“The bank is confident of clocking double-digit loan growth in FY24, in-line with system loan growth. It is also looking at shoring up its fee and income, which will be return on asset (RoA) accretive in the long-term,” they wrote in a recent note.

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