Punjab National Bank rose 1.73% to Rs 164.70 at 12:10 IST on BSE after the bank said it has reduced interest rate on rupee term deposits for select maturities.
Meanwhile, the S&P BSE Sensex was down 95.40 points or 0.33% at 28,570.64.
On BSE, so far 1.72 lakh shares were traded in the counter as against average daily volume of 8.29 lakh shares in the past one quarter.
The stock hit a high of Rs 164.90 and a low of Rs 161.15 so far during the day. The stock had hit a 52-week low of Rs 142.50 on 27 March 2015. The stock had hit a 52-week high of Rs 231.50 on 19 December 2014.
The stock had underperformed the market over the past one month till 16 April 2015, sliding 3.29% compared with Sensex's 0.8% rise. The scrip had also underperformed the market in past one quarter, declining 21.02% as against Sensex's 1.93% rise.
The large-cap PSU bank has equity capital of Rs 362.07 crore. Face value per share is Rs 2.
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Punjab National Bank (PNB) said it has reduced interest rate on rupee term deposits below Rs 1 crore in the maturity bucket of 1 to 5 years to 8.5% from 8.75%. The bank reduced interest rate on rupee term deposits below Rs 1 crore in the maturity bucket of over 5 years to 10 years to 8.25% from 8.5%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 91 days to 179 days has been reduced to to 7.25% from 7.5%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 1 year to 8.5% from 8.75%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 2 years to 5 years to 8.25% from 8.5%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 5 years to 10 years to 8% from 8.5%. The revised interest rates will take effect from 23 April 2015, PNB said.
PNB's net profit rose 2.5% to Rs 774.56 crore on 8.2% growth in total income to Rs 12904.85 crore in Q3 December 2014 over Q3 December 2013.
The Government of India held 59.85% stake in the PNB (as per the shareholding pattern as on 31 March 2015).
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