Punjab National Bank rose 0.43% to Rs 127.95 at 9:43 IST on BSE after the bank announced lending rates based on marginal cost of funds to be effective from today, 1 September 2016.
The announcement was made after market hours yesterday, 31 August 2016.Meanwhile, the S&P BSE Sensex was down 18.57 points or 0.07% at 28,433.60
On BSE, so far 1.46 lakh shares were traded in the counter as against average daily volume of 20 lakh shares in the past one quarter. The stock hit a high of Rs 128.15 and a low of Rs 126.80 so far during the day. The stock had hit a 52-week high of Rs 146.20 on 30 November 2015. The stock had hit a 52-week low of Rs 69.40 on 17 February 2016. The stock had outperformed the market over the past 30 days till 31 August 2016, rising 3.66% compared with Sensex's 1.68% rise. The scrip had also outperformed the market in past one quarter, advancing 64.49% as against Sensex's 5.99% rise.
The large-cap public sector bank has equity capital of Rs 392.72 crore. Face value per share is Rs 2.
Punjab National Bank (PNB)'s Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.10%, for one month will be 9.15% and for three months will be 9.25%. The MCLR on 6-month loans will be 9.30% and for one-year loans the rate would be 9.35%, the bank said. MCLR for three-year loans would be at 9.50% and loans with five-year maturity would carry an MCLR of 9.65%, the bank said.
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PNB's net profit declined 57.49% to Rs 306.36 crore on 3.71% growth in total income to Rs 13930 crore in Q1 June 2016 over Q1 June 2015.
The Government of India held 62.08% stake in PNB (as per the shareholding pattern as on 30 June 2016).
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