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PNB Stocks: Opportunity to earn well, PNB touches 52-week high, brokerage bullish

highlights

PNB shares closed at 55.45 today with a slight rise.
Today it touched its 52-week high amidst the fall in the market.
Today the Sensex has closed down by 208 points and the Nifty by around 54 points.

New Delhi. The shares of Punjab National Bank (PNB) saw a sharp rise today, due to which they reached their highest level of 52 weeks. The initial trading had jumped up to 4 per cent. PNB shares showed a boom at a time when the market in general was going down. PNB’s 52-week high on BSE is Rs 57.40 per share. So far this year, this stock has given a return of 34 per cent to its investors. Today it has increased by Rs 0.30 (0.54 per cent) and closed at the level of 55.45.

Vaishali Parekh of investment advisory firm Prabhudas Lilladher has advised to buy the shares. He says that the level above Rs 57 is an indicator of further growth in it. He said, “The stock has gone up by 12 per cent since our last analysis. A decisive move above Rs 57 means that it can go further towards Rs 80-100 levels. A slight decline from here looks like a good buying opportunity. We recommend to buy and hold it.

read this also- Uniparts India’s shares boom in the gray market, investors will get huge profits!

Recently raised Rs 4000 crore
PNB had recently issued Basel III Compliant Tier-II Capital Bonds with an annualized return of 7.89 per cent. The bank had raised Rs 4000 crore from it on private placement basis. Only last month, the government had given permission to the bank to sell its partial or full stake to UTI Asset Management Company. This disinvestment can happen simultaneously or in several different installments. When it will happen, how much it will happen and what will be the value of this disinvestment, it is yet to be decided.

quarterly results
PNB received a net profit of Rs 411.3 crore in the second quarter (July-September) of the financial year 2022-23. This was 63 percent less than the profit of Rs 1105 crore in the same quarter of the previous financial year. However, net income from interest increased by 30.2 percent on an annual basis to Rs 8271 crore. It was Rs 6352 crore in the same quarter of the previous financial year. The NPA (non-performing asset) of the bank has come down from 13.36 to 10.48 per cent as compared to the last financial year.

Stock market closed with a fall
The ongoing decline in the stock market continued even today. This was the third consecutive trading day when Sensex and Nifty closed down. The Sensex fell 208.24 points (0.33 percent) today and closed at 62626. At the same time, Nifty fell 54.30 points (0.29 percent) and closed at 18646 level.

(Disclaimer: The stocks mentioned here are for informational purposes only. If you want to invest in it, first consult a Certified Investment Advisor. News18 will not be responsible for your profit or loss.)

Tags: business news, business news in hindi, pnb share price, stock market

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