Punjab National Bank gained 2.2% to Rs 141.75 at 13:00 IST on BSE after the bank said that it allotted 16.43 crore shares to government of India post Infusion of capital.
The announcement was made after market hours yesterday, 15 September 2016.Meanwhile, the S&P BSE Sensex was up 326.99 points or 1.15% at 28,739.88.
On BSE, so far 7.95 lakh shares were traded in the counter as against average daily volume of 21.03 lakh shares in the past one quarter. The stock hit a high of Rs 143.45 and a low of Rs 140.85 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 one month till 15 September 2016, gaining 12.95% compared with 0.93% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 53.43% as against Sensex's 6.31% 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) announced that consequent upon receipt of capital funds to the tune of Rs 2112 crore from the Government of India on 14 September 2016, the bank has issued and allotted 16.43 crore equity shares at a price of Rs 128.49 per equity share on preferential basis to the Government of India.
Also Read
Meanwhile, Finance Minister Arun Jaitley will hold a quarterly performance review meeting with the Chief Executive Officers (CEOs) and Managing Directors (MDs) of Public Sector Banks (PSBs) and Financial Institutions (FIs) in the national capital today, 16 September 2016. Jaitley will review the overall performance of PSBs in the current financial year and last quarter in particular. Jaitley will review the progress of credit and growth and asset quality especially with regard to priority sector lending including credit flow to agriculture and insurance sector, MSE, Minorities, SC & ST, Education and Housing Loan among others. The progress made in the various social sector schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Surkasha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) as well as in case of Pradhan Mantri Jan Dhan Yojana (PMJDY), Stand-Up India and MUDRA Schemes will also be reviewed during the meeting. The issues relating to financial inclusion and literacy as well as Non Performing Assets (NPAs) are also likely to be discussed during the one day meeting.
PNB's net profit declined 57.49% to Rs 306.36 crore on 3.7% 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).
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
