Last week, ICRA and CARE upgraded PNB Housing Finance's long-term ratings, citing its improved asset quality metrics as well as strengthened capitalisation profile.
The PSU lender has risen over 12% in the last four sessions, touching its fresh 52-week high of ₹110.95 in intraday trade today.
The market cap of PNB crossed ₹1.01 lakh crore today after the shares of the PSU lender rose 2.1% to hit a fresh 52-week high of ₹91.81 intraday.
PNB Housing Finance recently launched its 100th Roshni branch in India and plans to take the total number to 160 by the end of FY24
Punjab National Bank’s Q2 net profit zoomed 327% YoY to ₹1,756 crore, which was the highest in the last 14 quarters.
PNB, Trent, TVS Motor, Shriram Finance, and Zydus Lifesciences will replace these five stocks in the Nifty Next 50 index, effective from September 29, 2023.
RBI has told banks to maintain daily data on deposits and exchange of ₹2000 banknotes
The PSU lender has sold its entire 10.01% stake in the asset reconstruction company in a cash transaction.
The rally in PSU Bank index was led by index heavyweights such as Union Bank of India, State Bank of India, Bank of Baroda, Punjab National Bank, which rose up to 7%.
The upgrade reflects an improvement in India's macro profile to "Moderate+" from "Moderate", says Moody's.
