Punjab National Bank (PNB) shares have experienced a remarkable upswing in 2023, rising approximately 40 per cent this year.
Shares of the state-owned bank reached a new 52-week high of Rs 81.35 per share on the National Stock Exchange (NSE) during Tuesday’s trading session. In six months, PNB shares have gained nearly 80 per cent, reflecting the strong momentum it has been enjoying on Dalal Street.
Read More: Demat Accounts Grow 26% To 12.7 Cr In Aug; Know Key Reasons Here
According to analysts, several factors have contributed to PNB‘s remarkable share price performance. The rise in PNB’s share price coincides with the recent surge in PSU Bank stocks, and analysts believe that it is due to the government’s initiatives that have led to a sharp reduction in the NPA burden of such banks.
Read More: Stocks to Watch: Tata Steel, RIL, SBI, Wipro, Indian Hotels, HDFC AMC, Fortis, and Others
Analysts quoted in a livemint.com report anticipate further upside potential for PNB’s share price, citing the stock’s 28 per cent gain in a month. Moreover, PNB’s Q1 results indicate a positive trend, with the bank reporting a standalone net profit of Rs 1,255.4 crore in the first quarter of FY24, a significant improvement compared to Rs 308.4 crore in the same period of the previous fiscal year.
Read More: JSW Infrastructure IPO Day 2: Subscription, GMP And Other Details; Should you Buy?
Additionally, the bank’s net interest income (NII) grew by 26 per cent to Rs 9,504.3 crore in Q1FY24 compared to Rs 7,542.8 crore in the previous year. This was in line with what analysts had expected.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
