"The Bank successfully sold 98,15,860 equity shares of PNBHFL to different investors (non-retail and retail) at above the floor price/cut off price, with gross sales consideration of Rs 1,315.33 crore," PNB said in a regulatory filing.
The extra-ordinary general meeting (EGM) of shareholders of the bank was held today, PNB said in a regulatory filing to the stock exchanges.
In an exclusive interview with Moneycontrol's Beena Parmar, Bahuguna believes there should be a greater scope for new investors to enter and provide additional funding to companies under the IBC.
Public sector lender Punjab National Bank and Action Construction Equipment Ltd (ACE) have tied up for financing of farm machinery through the bank's branch network across the country.
Motilal Oswal is bullish on Punjab National Bank has recommended buy rating on the stock with a target price of Rs 250 in its research report dated November 03, 2017.
Banks had put up approximately Rs 30,000 crore worth of assets for sale during the six months period starting April, of which banks have managed to sell just about Rs 5,000-6,000 crore to ARCs
PNB added 9 branches from April to June period but in the second quarter, it had closed down a total of six branches taking the network tally to 6,940 branches by September end.
Edelweiss is bullish on Punjab National Bank has recommended buy rating on the stock with a target price of Rs 256 in its research report dated November 03, 2017.
Punjab National Bank’s second quarter profit at Rs 560 crore surpassed estimate on lower employee expense (down more than 19 percent YoY).
Gross non-performing assets (NPA) as a percentage of gross advances were lower at 13.31 percent compared with 13.66 percent in previous quarter and net NPA also declined to 8.4 percent, from 8.67 percent on sequential basis.
PNB Housing Finance will continue to be core associate of Punjab National Bank.
Analysts feel if slippages come below Rs 6,000 crore, loan growth in double digits, and net interest margin & gross non-performing assets improve, then that will be taken positively by the Street.
Reliance Industries and Infosys were among the top gainers, up 1.73 percent and 1.36 percent respectively, apart from stocks like Lupin, UPL and Power Grid which gained up to 2.3 percent. In the Nifty50, the advance-decline ratio was in favour of the advances with 29 stocks advancing and 20 stocks declining.
The Board of Directors accorded approval for raising common equity tier capital up to Rs 5,000 crore as per Basel III requirements, the bank said in a BSE filing.
The public sector bank however did not give any indication as to whether it would be raised by diluting government equity or issuing Additional Tier-1 (AT1) bonds.
Ashwani Gujral of ashwanigujral.com recommends buying L&T Finance Holdings, Dewan Housing Finance, Sundram Fasteners, Indraprastha Gas, BF Utilities and Larsen and Toubro.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy Zee Entertainment and Larsen & Toubro and sell Punjab National Bank.
The CBI has registered a case against 19 companies which have sent over Rs 424 crore in foreign remittances through about 700 transactions, suspecting it to be a case of money laundering through shell companies.
Ashwani Gujral of ashwanigujral.com recommends selling Idea Cellular, Sun Pharma and Interglobe Aviation and advises buy Titan Company and UltraTech Cement.
The new base rates will be effective from September 1. The cut has been down from 9.35 percent
Chandan Taparia of Motilal Oswal Securities recommends buying Bharat Financial Inclusion and Axis Bank and advises selling Bank of Baroda.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell HCC, Suzlon Energy, BHEL and PNB and buy Century Textiles.
Together these two banks account for Rs 37,382 crore or 40 percent of the total outstanding loans.
Sandeep Wagle of powermywealth.com suggests buying Bharat Electronics and advises selling Punjab National Bank.
Ashwani Gujral of ashwanigujral.com is of the view that one may buy TCS and sell Punjab National Bank and Ashok Leyland.