BackPNB share price hits 52-week high, rises 80% in six months. Do you own?
Punjab National Bank share is on cusp of giving breakout at ₹97 and regain its pre-Covid levels, say experts
PremiumPunjab National Bank (PNB) share price has been in uptrend since June 2023. After bottoming out at around ₹30 apiece levels on NSE, this PSU bank share has risen to the tune of 165 per cent in these 15 months. However, it seems that the sate-owned bank has more steam left in it. PNB share price today opened upside and went on to hit new 52-week high of ₹81.35 apiece on NSE, logging around 40 per cent rise in YTD.
PNB share price history
In last one month, PNB share price has ascended from ₹62.50 to ₹81.35 apiece levels, delivering near 30 per cent return to its positional shareholders. In last six months, this PSU bank stock price has surged from ₹45 to ₹81.35 per share levels, logging to the tune of 75 per cent rise in this time. In last one year, PNB shares are one of the multibagger stocks that Indian stock market has produced. In last one year, PNB share price has appreciated from around ₹36 apiece levels to ₹81.35 per share mark, logging around 125 per cent rise in this time.
PNB share price outlook
On why PNB share price has been skyrocketing, Sandeep Pandey, Director at Basav Capital said, "State-owned banks are getting benefit of Government of India's (GoI's) bad loan initiative. With this initiative, GoI has bailed out Indian PSU banks from the NPA pressure and now these state-owned banks are competing against private lender with ample liquidity for lending. Apart from this, their CASA has also improved after merger of verious PSU banks, which include PNB as well."
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Former Deputy Vice President of HDFC Bank went on to add that Q2 results 2023 will be crucial as the state-owned banks have benefited from high interest rate regime in last one year.
PNB share price target
Expecting more upside in PNB share price, Ganesh Dongre, Senior Manager — Technical Research at Anmand Rathi said, "PNB share price is in uptrend as it has recently given strong breakout at ₹62-63 apiece levels. Now, the stock is expected to hit its pre-Covid levels of ₹95 to ₹97 per share levels in near term. Long term invewstors can continue to hold the scrip for these levels and maintain buy on dips till the stock is trading above ₹65 apiece levels. After giving breakout at ₹97 on closing basis, the stock may hit triple difit and go up to ₹120 apiece levels in medium term."
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PNB Q1 results
The state-run lender reported a standalone net profit of ₹1,255.4 crore in the first quarter of FY24. The bank had posted a net profit of ₹308.4 crore in the corresponding quarter of last fiscal. Net interest income (NII), which is the difference between interest earned and interest expected, increased 26% to ₹9,504.3 crore in Q1FY24 from ₹7,542.8 crore, YoY, meeting street estimates.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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