Canara Bank

June 10 (Reuters) - Canara Bank Ltd CNBK.NS:

• CANARA BANK - MAINTAINS ONE YEAR MCLR UNCHANGED

Source text: ID:nBSE9D9z8R

Further company coverage: CNBK.NS

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June 2 (Reuters) - Canara Bank Ltd CNBK.NS:

• CANARA BANK - BOARD APPROVES CAPITAL RAISING PLAN UP TO 85 BILLION RUPEES FOR FY2026-27

• CANARA BANK - CAPITAL RAISING PLAN BY WAY OF DEBT INSTRUMENTS

• CANARA BANK - APPROVES RAISING UP TO 40 BILLION RUPEES VIA BASEL III TIER II BONDS IN FY2026-27

• CANARA BANK - APPROVES RAISING UP TO 45 BILLION RUPEES VIA BASEL III ADDITIONAL TIER I BONDS IN FY2026-27

Source text: ID:nBSE29PKWt

Further company coverage: CNBK.NS

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June 1 (Reuters) - Canara Bank Ltd CNBK.NS:

• GOVERNMENT APPOINTS BRAJESH KUMAR SINGH AS MD CEO

Further company coverage: CNBK.NS

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By Nikunj Ohri

NEW DELHI, May 18 (Reuters) - India's finance ministry directed state-run banks, insurers and financial institutions on Monday to implement cost-cutting measures, including sharp curbs on travel and a phased transition to electric vehicles, according to an order reviewed by Reuters.

The order, part of a broader austerity push, will cover institutions like the State Bank of India SBI.NS, Bank of Baroda BOB.NS and Life Insurance Corp of India LIFI.NS and million of their employees across the country.

Under the new measures, all meetings, reviews and consultations must be conducted via video conferencing unless physical presence is deemed essential, the order issued by the Department of Financial Services said.

Foreign travel by top executives of the organisations - including chairpersons, managing directors and chief executive officers - should be kept below prescribed limits, with overseas engagements to be attended virtually wherever possible, it said.

Separately, the government has asked the organisations to accelerate adoption of electric vehicles.

"All organisations may aim at replacing the petrol and diesel vehicles hired by them in their head offices and branch offices by electric cars as far as possible," the order said.

The move follows a call last week by Prime Minister Narendra Modi urging officials to follow austerity and exercise restraint in spending, as the government braces for the economic fallout from rising global tensions.

Prolonged Middle East conflict risks slowing growth, stoking inflation and straining the balance of payments, with the Indian rupee already at record lows as Asia's worst performer this year.

Several Indian states have directed employees to work from home two days a week as part of cost-cutting efforts.

(Reporting by Nikunj Ohri; Editing by Raju Gopalakrishnan)

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May 11 (Reuters) - Canara Bank Ltd CNBK.NS:

• CANARA BANK Q4 NET PROFIT 45.06 BILLION RUPEES

• CANARA BANK Q4 GROSS NPA 1.84%

• CANARA BANK Q4 INTEREST EARNED 318.38 BILLION RUPEES

• CANARA BANK Q4 PROVISIONS AND CONTINGENCIES 9.92 BILLION RUPEES

• CANARA BANK Q4 PROVISIONS FOR NPA 13.12 BILLION RUPEES

• CANARA BANK - RECOMMENDS DIVIDEND OF 4.20 RUPEES PER SHARE FOR FY 2025-26

Further company coverage: CNBK.NS

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Updates throughout

April 2 (Reuters) - India's bank stocks dropped to their lowest levels in nearly a year on concerns over potential losses after the central bank intensified its crackdown on speculative activity in the rupee.

The Nifty Bank index .NSEBANK slid as much as 2.8% to 50,004.30 points - its lowest level since April 9, 2025 - with all constituents trading lower.

The index has fallen 4.3% this week following the Reserve Bank of India's curbs, underperforming the benchmark Nifty 50 .NSEI, which is down 2.6%.

On Wednesday, the RBI barred banks from offering rupee non-deliverable forwards to resident and non-resident clients, days after it put a limit of $100 million on banks' net open rupee positions.

Jefferies said banks were hoping to mitigate losses stemming from the initial measures by transferring or selling part of their positions to corporates, hedge funds and other clients.

The fresh curbs may bring the losses back to original estimates or a tad higher at 40 billion rupees to 50 billion rupees ($428.05 million-$535.07 million), the brokerage said.

The RBI's measures come as the rupee INR=IN has hit a string of all-time lows on worries over spillovers from the Iran war. The currency fell 4.24% in March, its worst monthly drop in six years, before the latest curbs helped it rise 1.4% to 93.53 per U.S. dollar in early trade on Thursday.

Private lenders HDFC Bank HDBK.NS and ICICI Bank ICBK.NS dropped 1.4% each on Thursday, while state-run banks logged sharper losses. State Bank of India SBI.NS was down 2.9%, while Punjab National Bank PNBK.NS, Canara Bank CNBK.NS and Union Bank of India UNBK.NS lost 3.4%, 3.6% and 3.9%, respectively.

Jefferies expects banks to book part of their losses in the January-March and April-June quarters, and said foreign lenders account for 45% of the currency derivatives market and related losses, while private banks have a 40% share.

($1 = 93.4460 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru and Ashwin Manikandan in Mumbai; Editing by Sonia Cheema)

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March 11 (Reuters) - Canara Bank Ltd CNBK.NS:

• ONE YEAR MCLR UNCHANGED, WEF MARCH 12

Further company coverage: CNBK.NS

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Feb 27 (Reuters) - Canara Bank Ltd CNBK.NS:

• CANARA BANK - ISSUE OF BASEL III COMPLIANT TIER II BONDS, SERIES I FOR 50 BILLION RUPEES

Further company coverage: CNBK.NS

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MUMBAI, Feb 26 (Reuters) - India's Canara Bank CNBK.NS has accepted bids worth 50 billion rupees ($550.3 million) for Basel III compliant tier II bonds maturing in 10 years, three merchant bankers said on Thursday.

The state-run lender will pay an annual coupon of 7.24% and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

The bonds have a call option at the end of five years.

The lender did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 26:

*Size includes base plus greenshoe for some issues

($1 = 90.8570 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

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MUMBAI, Feb 24 (Reuters) - India's Canara Bank CNBK.NS plans to raise 50 billion rupees ($549.5 million), including a greenshoe option of 30 billion rupees, through sale of Basel III compliant tier II bonds maturing in 10 years, three merchant bankers said on Tuesday.

The state-run lender has invited coupon and commitment bids from bankers and investors on Thursday, they said.

The bonds have a call option at the end of five years.

The lender did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 24:

*Size includes base plus greenshoe for some issues

($1 = 90.9930 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

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Jan 29 (Reuters) - Canara Bank Ltd CNBK.NS:

• DEC-QUARTER NIM AT 2.45%

Source text: [ID:]

Further company coverage: CNBK.NS

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Dec 31 (Reuters) - Canara Bank Ltd CNBK.NS:

• COMPLETION OF TENURE OF K. SATYANARAYANA RAJU AS MD, CEO

Source text: ID:nNSE5KxRk3

Further company coverage: CNBK.NS

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Nov 7 (Reuters) - Aggressive pricing on bonds issued by India's largest lender is spurring state-run peers to plan similar debt issuances worth around $1 billion in the coming weeks, four merchant bankers told Reuters on Friday.

Punjab National Bank PNBK.NS , Canara Bank CNBK.NS , Bank of India BOI.NS , Indian Bank INBA.NS , and Indian Overseas Bank IOBK.NS intend to collectively raise about 90 billion rupees ($1.01 billion) through Basel III-compliant Tier II bonds by the end of the year, according to the bankers, who spoke on condition of anonymity as they are not authorized to speak to the media.

None of the state-run lenders responded to Reuters' emails seeking comment.

Three weeks ago, State Bank of India SBI.NS raised 75 billion rupees through 10-year Tier II bonds at a coupon rate of 6.93%, only 30 basis points above the annualized 10-year government bond yield.

That issuance highlighted the potential for lenders to improve their regulatorily mandated capital adequacy ratios at a relatively low cost.

Investor demand for Tier II bonds from public sector banks is expected to remain robust because "in volatile equity markets, fixed income instruments like bonds become relatively more attractive," said Vineet Agrawal, co-founder of online trading platform Jiraaf.

"New issuances, when priced right before expected rate cuts, could lock in higher yields today, making these deals even more appealing," he added.

Some lenders may opt for issuances with a five-year call option to diversify the investor base and appeal to asset managers, bankers said.

"With the rate cut cycle nearing its end, investors are likely to favor spread assets and corporate bonds. Tier II bonds with a 5-year call option offer attractive yields and duration flexibility, making them well-positioned for strong subscription," said Abhishek Bisen, head of fixed income at Kotak Mahindra Mutual Fund.

Indian Bank and Indian Overseas Bank aim to raise 10 billion rupees each, while Bank of India plans to secure around 30 billion rupees. Punjab National Bank and Canara Bank are targeting 20 billion rupees apiece, they said.

Maturing Tier II bonds are also driving the issuances. Bank of India has bonds worth 30 billion rupees due in December, while Canara Bank faces maturities of 22.50 billion rupees and Indian Bank has a 10 billion rupee maturity scheduled for the same month.

($1 = 88.6950 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)

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Updates stock price in paragraph 2, adds details throughout

By Vivek Kumar M

Oct 17 (Reuters) - India's Canara HSBC Life Insurance CANR.NS made a muted debut on the bourses on Friday, as unappealing pricing and a crowded IPO market clouded the insurer's prospects.

Its stock was trading at 108.9 rupees, as of 10:50 a.m. IST, up 2.7% from its issue and listing price of 106 rupees, yielding the insurer a valuation of 105.15 billion rupees ($1.20 billion).

Peers SBI Life Insurance SBIL.NS and HDFC Life Insurance HDFL.NS are valued around $21 billion and $18 billion, respectively.

Canara HSBC Life Insurance, which is a joint venture between Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, struggled to garner bids from retail and non-institutional investors earlier this week.

Retail investors subscribed 42% of their quota, while high-net-worth individuals subscribed a third of their shares in the $283 million IPO.

Thanks to qualified institutional buyers, the issue was subscribed 2.29 times, which was still lower than most other IPOs that opened in the last couple of weeks.

For instance, another Canara Bank-promoted entity, Canara Robeco Asset Management CANE.NS, received bids worth nearly 10-fold and closed 13% higher in its debut on Thursday.

Choice Broking said the insurer's valuation appeared to be fully priced, with price-to-enterprise value multiple, a stock valuation metric, of 1.6x, while industry averaged 2.4x.

"High dependence on bancassurance (where banks sell insurance) and relatively lower VNB (value of new business) margins compared to peers is expected to keep valuation multiples at a discount to peers," ICICI Direct said.

The insurer got 87% of its new business premium in fiscal year 2024-25 through bancassurance, with Canara Bank contributing 70.6% of this.

The listing caps a busy week for the Indian IPO market, which saw five stock debuts, including a blockbuster listing from LG Electronics India LGEL.NS and a muted start from the country's largest IPO of the year, Tata Capital TATC.NS. ($1 = 87.8387 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Sumana Nandy and Harikrishnan Nair)

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Oct 16 (Reuters) - Indian asset manager Canara Robeco's CANE.NS shares listed at a premium of 5.4% to their issue price in their pre-open trading debut on the National Stock Exchange on Thursday.

The Mumbai-based firm's stock opened at 280.25 rupees, above the 266 rupee issue price.

Its IPO was subscribed nearly 10-fold earlier this week, led by a heavy demand from qualified institutional buyers, who subscribed 26-fold their reserved quota. In comparison, retail investors' portion was subscribed two-fold.

Canara Robeco Asset Management is the first public debut by an Indian asset manager this year, adding to the growing list of financial services firms tapping the capital markets. ICICI Prudential AMC IICL.NS is expected to list soon.

(Reporting by Yagnoseni Das in Bengaluru; Editing by Harikrishnan Nair)

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BENGALURU, Oct 14 (Reuters) - Canara HSBC Life Insurance Company's $283 million initial public offering (IPO) was fully subscribed on the third day of its bidding on Tuesday, driven by robust interest from institutional buyers.

A joint venture between India's Canara Bank CNBK.NS and HSBC Insurance (Asia-Pacific) Holdings, the insurer is targeting a market valuation of around $1.14  billion through the IPO.

(Reporting by Nishit Navin and Vivek Kumar M; Editing by Sumana Nandy and Sonia Cheema)

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Adds details and background from paragraph 2 onwards

Oct 6 (Reuters) - India's Canara Robeco Asset Management Company has set a price band of 253-266 rupees per share for its upcoming listing, aiming for a valuation of about 53.05 billion rupees ($597.9 million) at the upper end, as per Reuters calculations.

The asset manager's IPO comes at a busy time for India's primary market. The October-December quarter is expected to see $8 billion worth of fundraises, with several large-ticket issuances such as Tata Capital, LG Electronics India and WeWork India Management on the anvil.

Canara Robeco, a joint venture between Canara Bank CNBK.NS and ORIX Corporation Europe, a unit of Japan's ORIX Corporation 8591.T, will open its initial public offering to retail investors on October 9, with anchor investors invited to place their bids on October 8.

The three-day share sale will conclude on October 13, and Canara Robeco's stock is expected to list on or around October 16.

The firm, which manages more than 1 trillion rupees in assets, will not issue any fresh shares in the IPO, with the two existing shareholders offloading a combined 49.8 million shares.

Canara Bank will trim its stake by 13% in the asset manager, selling 25.92 million shares, while ORIX will divest 23.93 million shares.

Canara Robeco competes with major asset managers such as HDFC Asset Management Company HDFA.NS, Nippon Life India Asset Management NIPF.NS and UTI Asset Management Company UTIA.NS.

($1 = 88.7300 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Sumana Nandy and Sherry Jacob-Phillips)

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By Dharamraj Dhutia

MUMBAI, Oct 3 (Reuters) - At least four major state-owned Indian banks have increased their internal limits for investing in state bonds following discussions with the Reserve Bank of India last month, according to five treasury officials aware of the decisions.

Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS and Union Bank of India UNBK.NS - among India's top five government-owned lenders by assets - have raised their investment caps by 5 to 20 percentage points, the sources said.

"Most of the top five-six banks barring one have raised the internal cap that they had set for taking exposure to state debt in treasury books after a round of consultations and meetings with the central bank," one of the officials said.

The sources requested anonymity as they are not authorised to speak to media. The banks did not respond to emailed queries.

Indian banks, including both private and public sector entities, are significant buyers of state-issued bonds, collectively holding nearly 36% of states' debt as of June, according to regulatory data.

BORROWING COST RELIEF

Indian states are projected to raise a record 12 trillion rupees ($135.2 billion) through bond issuances in the current financial year, with 7 trillion rupees expected between October and March.

Reduced buying by banks, insurers, and pension funds had driven yields on state bonds higher by 40 to 70 basis points during the three months ending September, with several auctions undersubscribed.

Market participants now anticipate improved bank participation at auctions, which could ease yields. Banks had also sought changes to the auction process to mitigate mark-to-market losses on their portfolios.

($1 = 88.7600 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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** Indian PSU banks .NIFTYPSU rise 1.1%

** Rise led by State Bank of India SBI.NS, which is up 2%, after CLSA identifies it among its top picks in large-cap lending space

** CLSA says that SBI, India's largest lender by assets, could reach $100 billion market cap within a year

** Canara Bank CNBK.NS rises about 2% after unit Canara Robeco Asset Management files updated DRHP with SEBI for an initial public offering

** CNBK set to gain for third consecutive session

** YTD, the sub-index is up 14%, CNBK climbs about 21% while SBI rises 9.7%

(Reporting by Urvi Dugar)

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By Shubham Batra and Dharamraj Dhutia

MUMBAI, Aug 7 (Reuters) - India's Canara Robeco Asset Management Company CANE.NS sees value in two-year to seven-year government bonds and the liquid 10-year paper as levels are attractive, with a base case that the central bank's rate easing cycle is over, an official said on Thursday.

"The short-to-medium term on the government bond yield curve looks fine. So the two-year to seven-year and probably the 10-year as well, since it is the benchmark and most liquid," Avnish Jain, head of fixed income at the fund house, told Reuters' Trading India forum.

The fund house, which manages over 103 billion rupees ($1.17 billion) in debt assets, believes the 10-year benchmark bond yield IN063335G=CC, currently at 6.40%, could test 6.50% in the current financial year.

The Reserve Bank of India maintained status quo on rates on Wednesday, but kept its growth forecast unchanged, while assuming that inflation will rise above its 4% target later in the year.

This led to a large selloff in bonds, as many traders were positioned for a cut or at least dovish commentary, while several analysts changed their calls to the end of the rate-easing cycle.

The RBI is looking at one-year forward inflation, which pushed them to maintain the policy stance and keep interest rates unchanged, said Jain.

"The base case is that rate easing is done, and we would likely see a long pause. I think 5.50% looks like a terminal rate, with the possibility of (one more) 25-bp cut, if growth dips too much," he said.

"I think probably a growth shock would nudge the RBI to cut rates further."

He also finds two-year to four-year corporate bonds attractive, as the spread over government securities is decent, and they may provide better returns.

"I think in the short-to-medium-term perspective, short- to mid-duration (papers) should work better. Corporate bond heavy funds may give better risk-return reward, while government bonds may trade sideways."

($1 = 87.6840 Indian rupees)

(Reporting by Shubham Batra and Dharamraj Dhutia; Editing by Janane Venkatraman)

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** Shares of Canara Bank CNBK.NS rise 0.3% to 133.8 rupees, after jumping nearly 4% after results on Thursday

** Morgan Stanley maintains "underweight" rating; raises TP to 95 rupees from 90 rupees, implying ~16.3% downside from last close

** Says core operating profit was below expectations due to lower interest income and higher costs

** Investec Bank maintains "hold" rating; raises TP to 110 rupees from 105 rupees, implying ~3.1% downside

** Expects 10–11% loan growth over FY26–27e, RoA at 0.9%; raises FY26e EPS by 5% on stronger treasury gains and recoveries

** CNBK rated "buy" by 16 analysts on average; median target price is 115 rupees – data compiled by LSEG

** Stock up 13.7% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

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** India's Canara Bank CNBK.NS jumps ~4% to 112.24 rupees, on course for biggest daily pct rise in four months

** Stock rises after Q1 earnings announcement, was down 0.2% ahead of the news

** Lender posts higher profit and interest income compared to last year

** Asset quality improves; net non-performing assets down to 0.63% from 0.7% a quarter ago and 1.24% a year ago

** YTD, CNBK up 12.1%

(Reporting by Vivek Kumar M)

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June 12 (Reuters) - Canara Bank Ltd CNBK.NS:

• APPROVES CAPITAL RAISING PLAN UP TO 95 BILLION RUPEES

• TO RAISE 60 BILLION RUPEES VIA TIER II BONDS

• TO RAISE 35 BILLION RUPEES VIA ADDITIONAL TIER I BONDS

• TO RAISE CAPITAL THROUGH BASEL III COMPLIANT ADDITIONAL TIER I BONDS WORTH 35 BLN RUPEES

Source text: ID:nBSE6N7G6b

Further company coverage: CNBK.NS

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June 5 (Reuters) - Canara Bank Ltd CNBK.NS:

• CANARA BANK - TO CONSIDER AND APPROVE CAPITAL RAISING PLAN OF BANK FOR FY 2025-26

Source text: ID:nBSE4JTg7L

Further company coverage: CNBK.NS

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** Shares of Canara Bank CNBK.NS rise 3.5% to 96.95 rupees

** Bank's Q4 profit rose 33.1% Y/Y to 50.03 bln rupees ($588.4 mln), beats analysts' estimates of 41.04 bln rupees

** Q4 gross NPA improves to 2.94% from 3.34% in Q3

** CNBK down ~3% YTD

($1 = 85.0290 Indian rupees)

(Reporting by Vijay Malkar)

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April 25 (Reuters) - India's Canara Robeco Asset Management Company, backed by lender Canara Bank CNBK.NS, filed for an initial public offering, draft papers showed on Friday.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)

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April 11 (Reuters) - Canara Bank Ltd CNBK.NS:

• CANARA BANK LTD - AMIT MITTAL APPOINTED AS GROUP CHIEF FINANCIAL OFFICER

Source text: ID:nBSE5S2Js6

Further company coverage: CNBK.NS

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March 18 (Reuters) - Canara Bank Ltd CNBK.NS:

• CANARA BANK - 532483 - ISSUE OF TIER II BONDS

• CANARA BANK- RAISED 40 BILLION RUPEES VIA TIER II BONDS

Source text: ID:nBSEKyK9r

Further company coverage: CNBK.NS

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MUMBAI, March 17 (Reuters) - India's Canara Bank CNBK.NS has accepted bids worth 40 billion rupees ($460.8 million) for Basel III compliant Tier II bonds maturing in 10 years, three bankers said on Monday.

It will pay an annual coupon of 7.46%, and had invited bids from bankers and investors earlier in the day, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 17:

*Size includes base plus greenshoe for some issues

($1 = 86.8000 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K
Editing by)

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MUMBAI, March 12 (Reuters) - India's Canara Bank CNBK.NS plans to raise 40 billion rupees ($458 million), including a greenshoe option of 30 billion rupees, through sale of Basel III compliant tier II bonds maturing in 10 years, three merchant bankers said on Wednesday.

The state-run lender has invited coupon and commitment bids from bankers and investors on Monday, they said.

The bonds have a call option at the end of five years.

The lender did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 12

*Size includes base plus greenshoe for some issues

($1 = 87.2430 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala; Editing by Mrigank Dhaniwala)

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