Jan 04, 2013, 02.17 PM IST
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 December 05, 2013, Punjab National Bank closed at Rs 581.70, up Rs 12.50, or 2.20 percent. The 52-week high of the share was Rs 922.10 and the 52-week low was Rs 402.20.
The company's trailing 12-month (TTM) EPS was at Rs 119.31 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 4.88. The latest book value of the company is Rs 924.45 per share. At current value, the price-to-book value of the company is 0.63.
Action in Punjab National Bank
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