Monday, 11 June 2018

Nifty PSU Bank surges; PNB up 4%

Nifty PSU Bank was up 1.51% today and was one of the highest gainers among the NSE Nifty indices. This was mainly attributed to Punjab National Bank’s announcement that it will divest stake in its subsidiary PNB Housing Finance, BSE, ICRA and CRISIL. With this, PNB aims to implement the PSB's Reforms Agenda dated January 24, 2018 for responsive and responsible PSBs. 
PNB Housing Finance is one of the main subsidiaries of PNB and it has a stake of 32.96% in the subsidiary as on March 31, 2018.

Meanwhile, Nifty surged higher in the early trades after opening on a positive note. Nifty has also surpassed its crucial resistance zone of 10,820 levels indicating strength. Bank Nifty too has moved higher heading towards its resistance of 10,760 levels.

Punjab National Bank is currently trading at Rs94.10 up by Rs3.7 or 4.09% from its previous closing of Rs90.40 on the BSE.
The scrip opened at Rs92 and has touched a high and low of Rs94.65 and Rs91.20 respectively. So far 1,95,13,343 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs24,955.58cr.

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