Archive · 5 Oct 2026
Brokerages Favor PNB, Canara, Indian Bank After Q2 Updates
Several Indian banks shared updates about their business in the second quarter of FY2026-27.
Their shares generally finished higher on Monday.
Punjab National Bank said its total business grew 11.95% from a year earlier.
Canara Bank and Indian Bank also reported growth in lending or deposits.
Union Bank’s deposits rose compared with the previous quarter.
Motilal Oswal recommended buying PNB, Canara Bank and Indian Bank, but gave Union Bank a Neutral rating.
It set price targets for those four banks.
Bandhan Bank reported softer growth, though its overall collection efficiency was 98.9%.
The article does not provide a target price or rating for Bandhan Bank.
PNB reported 11.95% year-on-year business growth to ₹31.2 trillion; Motilal Oswal maintained a Buy rating and ₹135 target.
Canara Bank’s advances rose nearly 6.2% quarter on quarter, driven by RAM advances; Motilal Oswal kept its Buy rating and ₹160 target.
Union Bank of India’s deposits increased 2.81% sequentially; Motilal Oswal maintained a Neutral rating and ₹190 target.
Indian Bank reported 12.4% annual deposit growth, with the brokerage citing FCNR (B) inflows of USD 2.4 billion; its Buy target is ₹1,025.
Bandhan Bank reported soft business growth and a 26.7% CASA ratio; overall collection efficiency was 98.9%.
- Who
- Punjab National Bank, Canara Bank, Union Bank of India, Indian Bank and Bandhan Bank; Motilal Oswal Financial Services provided brokerage views.
- What
- The banks reported second-quarter business updates, and the article summarized brokerage ratings and target prices for four of them.
- When
- Second quarter of FY2026-27; the stocks’ cited closing prices were from Monday’s trading session.
- Where
- India; share prices cited are on the BSE.
- Why
- Business updates prompted investor interest and brokerage assessments of the banks’ growth and prospects.
- PNB business growth
- 11.95% year on year, to ₹31.2 trillion
- PNB rating and target
- Buy; ₹135 per share
- Canara Bank rating and target
- Buy; ₹160 per share
- Union Bank rating and target
- Neutral; ₹190 per share
- Indian Bank rating and target
- Buy; ₹1,025 per share
- Bandhan Bank CASA ratio
- 26.7%
- Bandhan Bank overall collection efficiency
- 98.9%