Jan 04, 2013, 02.17 PM IST | Source: Moneycontrol.com

Punjab National Bank gains on CLSA upgrade

Public sector lender Punjab National Bank (PNB) rose as much as 1.3 percent intraday on Friday after the foreign research firm CLSA has upgraded the stock to an outperform rating with a raised target price of Rs 1,010.

Punjab National Bank gains on CLSA upgrade

Public sector lender Punjab National Bank (PNB) rose as much as 1.3 percent intraday on Friday after the foreign research firm CLSA has upgraded the stock to an outperform rating with a raised target price of Rs 1,010.

"The worst in terms of asset quality seems to be over and deleveraging by some large corporates may abate concerns on corporate lenders," the firm reasoned.

India's second largest state-owned lender's (in terms of total book size) second quarter (July-September) net profit had fallen nearly 12 percent year-on-year to Rs 1,066 crore in 2012-13. On the back of rising bad loans, the lender made loan provisions of Rs 1,074 crore as against Rs 710 crore in the corresponding quarter of the previous year. This dented the bank's profit margin.

At 14:09 hours IST, the stock gained 0.74 percent to Rs 905 on the Bombay Stock Exchange.

PNB stock price

On April 17, 2014, Punjab National Bank closed at Rs 779.70, up Rs 15.35, or 2.01 percent. The 52-week high of the share was Rs 852.15 and the 52-week low was Rs 402.20.


The company's trailing 12-month (TTM) EPS was at Rs 101.28 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.7. The latest book value of the company is Rs 902.74 per share. At current value, the price-to-book value of the company is 0.86.

READ MORE ON  Punjab National Bank, PNB, CLSA
Set email alert for

ADS BY GOOGLE

Buy & sell politicians on Power Play
- the political stock exchange

Price Update

Arvind Kejriwal

1711.96 1.85 0.11%

35128

Bought today

23053

Sold today

0.36%

User holding

video of the day

Chandra says satisfied with TCS' FY14, FY15 to be better

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.