PNB shares hit 52-week high; trading in overbought zone
PNB shares gained 1.39% to a high of Rs 81.39 against the previous close of Rs 80.23 on BSE.
- Sep 26, 2023,
- Updated Sep 26, 2023 3:26 PM IST
Shares of Punjab National Bank (PNB) hit a fresh 52 week high today. The stock of the public sector lender gained 1.39% to a high of Rs 81.39 against the previous close of Rs 80.23 on BSE. Earlier, the PNB stock opened higher at Rs 80.39 on BSE. PNB’s market cap stood at Rs 87,757 crore. The stock has a beta of 1.6, indicating very high volatility in a year.
The banking stock has gained 121% in a year and risen 39.34% this year. Total 48.23 lakh shares of the firm changed hands amounting to a turnover of Rs 38.73 crore.
In terms of technicals, the relative strength index (RSI) of PNB stock stands at 76.8, signaling it's trading in the overbought territory. PNB shares are trading higher than the 5 day, 10 day, 20 day, 30 day 50 day, 100 day, 150 day and 200 day moving averages.
In the last six months, PNB stock has risen 74%. The rally in the stock can be attributed to a strong set of earnings in the quarter ended June 2023.
PNB logged a 307% rise in standalone net profit to Rs 1,255.4 crore for the quarter ended June 2023 compared to Rs 308.4 crore in the corresponding quarter last year. Net profit rose 8% on a sequential basis.
PNB's asset quality also improved in the June quarter. Gross non-performing assets (GNPAs) fell to 7.73 per cent compared to 8.74 per cent in the previous quarter and 11.27 per cent in the June quarter of the previous year. Net NPAs also fell to 1.98 per cent from 2.72 per cent in the previous quarter and 4.28 per cent in the June quarter of the previous year.
Also read: Hot stocks on September 26, 2023: Cochin Shipyard, Apar Industries, IFCI, Delta Corp, and more
Shares of Punjab National Bank (PNB) hit a fresh 52 week high today. The stock of the public sector lender gained 1.39% to a high of Rs 81.39 against the previous close of Rs 80.23 on BSE. Earlier, the PNB stock opened higher at Rs 80.39 on BSE. PNB’s market cap stood at Rs 87,757 crore. The stock has a beta of 1.6, indicating very high volatility in a year.
The banking stock has gained 121% in a year and risen 39.34% this year. Total 48.23 lakh shares of the firm changed hands amounting to a turnover of Rs 38.73 crore.
In terms of technicals, the relative strength index (RSI) of PNB stock stands at 76.8, signaling it's trading in the overbought territory. PNB shares are trading higher than the 5 day, 10 day, 20 day, 30 day 50 day, 100 day, 150 day and 200 day moving averages.
In the last six months, PNB stock has risen 74%. The rally in the stock can be attributed to a strong set of earnings in the quarter ended June 2023.
PNB logged a 307% rise in standalone net profit to Rs 1,255.4 crore for the quarter ended June 2023 compared to Rs 308.4 crore in the corresponding quarter last year. Net profit rose 8% on a sequential basis.
PNB's asset quality also improved in the June quarter. Gross non-performing assets (GNPAs) fell to 7.73 per cent compared to 8.74 per cent in the previous quarter and 11.27 per cent in the June quarter of the previous year. Net NPAs also fell to 1.98 per cent from 2.72 per cent in the previous quarter and 4.28 per cent in the June quarter of the previous year.
Also read: Hot stocks on September 26, 2023: Cochin Shipyard, Apar Industries, IFCI, Delta Corp, and more