PNB Bank shares surge as 55 lakh shares change hands in multiple transactions

PNB Share Price NSE: Punjab National Bank (PNB) shares surged on Thursday following multiple transactions where over 55 lakh shares changed hands. The stock was up 2.6 per cent on the NSE around 11:15 am and was trading at Rs 56.90. 

The stock was trading in large volumes and nearly 5.2 crore shares were on the block. The state-run lender has witnessed an upside over the past 4-5 trading sessions and has been a beneficiary of the strong traction for PSU bank stocks.     

The stock today opened at Rs 55.70 and has traded in the green continued the momentum as the session progressed.  

Nifty PSU Bank stocks were trading strongly in an otherwise flat market. In the 12-stock index, 11 were trading positive with Indian Bank as a lone loser.  

Brokerage firm Morgan Stanley is bullish on the counter.

Morgan Stanley in its report said that the public sector banks have done well so far and expectations are that they may continue their robust performance in the coming quarters.

The brokerage sees higher margins, sustained loan growth and improving operational leverage over next few years for PSU Banks. Going forward, it expects loan growth to sustain and credit costs to remain benign for state-owned banks.

It has tagged an 'Equalweight' rating on PNB with a target price of Rs 60 per share.

Share Price History NSE

PNB Bank has reported stellar returns among of over 50 per cent so far this year. To put into perspective, PNB share price quoted at Rs 44.95 apiece on January 3 is now trading at current price levels of Rs 57. PSU Bank has a market cap of Rs 62.27 thousand crore.

In the last month, the stock has given a positive yield of around 26 per cent. Meanwhile, frontline indices BSE Sensex and NSE Nifty50, traded at 62,554.68 and 18,599.80 respectively.

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