Punjab National Bank Shares: The public sector lender, Punjab National Bank, was down 4 per cent on Thursday, a day after the company reported its September quarter business update.
In a BSE filing on Wednesday, October 4, Punjab National Bank said its domestic advances rose 13.9 per cent year-on-year (YoY) to ₹9,07,937 crore in Q2FY24. Global gross advances rose 13.8 per cent YoY. Total business rose 11.3 per cent YoY.
Domestic deposits rose to Rs 12,75,995 crore, up 9.3 per cent YoY while CASA deposits rose 2.6 per cent YoY. The credit-deposit ratio rose 262 bps YoY to 72.18 per cent, the bank said.
PNB share price today opened at Rs 80.70 against the previous close of Rs 79.75 and touched the intraday high and low of Rs 81.05 and Rs 76.25 on NSE in trade so far.
PNB share price has clocked a robust gain in the last one year, strongly outperforming the Nifty PSU Bank index, Nifty Bank index and the benchmark Nifty 50.
Data show that in the last year, PNB share price has surged over 113 per cent while the Nifty PSU Bank index has gained about 74 per cent. Nifty Bank and Nifty 50 both gained about 13 per cent in the same period.
Brokerage firm Motilal Oswal Financial Services has a buy call on the stock as it underscored the bank’s steady business growth and quarter-on-quarter improvement in the CASA ratio.
However, according to media reports, global brokerage firm Morgan Stanley has maintained its underweight view on the stock with a target price of Rs 55.
Morgan Stanley, as reported by BQ Prime, said that higher stress from the restructured book and MSME segment are key risks for PNB.
Comments
0 comment