![PNB shares hit 52-week high; becomes third PSU bank to achieve ₹1 lakh cr mcap](https://images.assettype.com/fortuneindia%2F2022-04%2F3b16d50a-ace9-4e56-b806-cc57607a032e%2FPNB_Bank_05053_copy.jpg?rect=0,0,2160,1080&w=300&q=95)
PNB shares hit 52-week high; becomes third PSU bank to achieve ₹1 lakh cr mcap
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.
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.
Punjab National Bank’s Q2 net profit zoomed 327% YoY to ₹1,756 crore, which was the highest in the last 14 quarters.
With limited new stress formation and system growth itself picking up, JP Morgan sees further scope of re-rating at PNB.
Shares of Punjab National Bank hit a 52-week high after the government approved the divestment of its entire stake in UTI Asset Management Company.
PNB shares hit a 52-week low after its profit dropped 66% YoY to ₹201 crore due to higher provisions for bad loans and contingencies.