Bullish momentum is coming in Punjab Nation Bank (PNB) Share from Rs 109 to Rs 142, keep an eye on the price level of Rs 117.
Punjab National Bank (PNB) shares have shown notable activity today, September 13, 2024. The stock has gained 1.19%, trading at ₹109.95 as of 11:21 AM IST, despite a slight decline in the BSE benchmark Sensex, which fell by 8.06 points. This increase comes after the stock closed at ₹108.65 in the previous session. The 52-week high for PNB shares is ₹142.90, while the low stands at ₹66.48.
Main Points
Current Developments Impacting Punjab National Bank
PNB’s Alert on Inactive Accounts
In a recent announcement, Punjab National Bank has issued an alert to its customers regarding accounts that have been inactive for three years. The bank has warned that these accounts will be closed if not activated by June 30, 2024. Customers are encouraged to ensure their accounts are active to avoid any inconvenience.
PNB’s Mega E-Auction Initiative
Additionally, PNB is conducting a nationwide online mega auction of residential and commercial properties. This initiative aims to recover dues from borrowers who have defaulted on their loans. The auction is part of the bank’s strategy to enhance its financial health and recover outstanding amounts.
Analyst Ratings and Market Performance
Analysts have mixed views on PNB’s stock performance. BofA Securities has maintained a rating of ‘underperform’ with a price target of ₹75.00, indicating concerns about the bank’s future performance despite recent gains. The stock currently trades at 10.29 times its trailing 12-month earnings per share (EPS) of ₹10.69, suggesting that investors are optimistic about future growth.
On the corporate governance front, PNB has announced the cancellation of an extraordinary general meeting (EGM) that was set to elect a shareholder director, due to only one valid nomination being received. This move reflects the bank’s ongoing efforts to streamline its governance processes.
Market Sentiment and Technical Indicators
The PBN stock’s performance is also reflected in its relative strength index (RSI), which currently stands at 46.29. This indicates that the stock is neither overbought nor oversold, suggesting a stable market sentiment around PNB shares. The market’s overall volatility is captured by a beta value of 1.78, indicating that PNB shares are more volatile than the market average.
As of June 30, 2024, the shareholding structure of PNB shows that promoters hold 73.15% of the shares, while foreign institutional investors (FIIs) own 5.51% and domestic institutional investors (DIIs) hold 1.91%. This significant promoter stake reflects strong internal confidence in the bank’s future.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
