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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.
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