Canara Bank Dips Inspite Of Good Q1 Results

Canara Bank posted a net profit of Rs. 240.55 crore for the quarter ended 30 June 2007 as compared to Rs. 190.93 crore for the quarter ended 30 June 2006. Inspite of good Q1 results Canara Bank stocks were down 6.60% to Rs. 280.25 reported at BSE at 2.05 p.m. on 25 July 2007. The declining prices of stocks will have negative impact on the NAV s of the various mutual funds. Bank Be ES is likely to loose as it has the highest percentage hold of the stocks of the company compared to its peer groups who have invested in the stocks of the company. Bank Be ES has 3.59% of its total portfolio size invested in the stocks of the company as on June 2007. The scheme holds 86.95 lakh units of the company in June 2007 compared to its peer groups who have invested in the stocks of the company.
It is followed by Reliance Regular Savings Fund -Equity (G)(3.37% of its portfolio size), ING Dividend Yield Fund (G) (2.10%), DBS Chola Opportunities Fund (Cumulative) (0.94%) as of June 2007. However the scheme like ING Dividend Yield Fund (G) is likely to gain to some extent as it sold 15009 units (0.63% of portfolio holding) of the company as on June 2007.