PNB advances after cutting interest rate on term deposits

Punjab National Bank rose 1.73% to Rs 164.70 at 12:10 IST on BSE after the bank said it has reduced interest rate on rupee term deposits for select maturities.

Meanwhile, the S&P BSE Sensex was down 95.40 points or 0.33% at 28,570.64.

On BSE, so far 1.72 lakh shares were traded in the counter as against average daily volume of 8.29 lakh shares in the past one quarter.

The stock hit a high of Rs 164.90 and a low of Rs 161.15 so far during the day. The stock had hit a 52-week low of Rs 142.50 on 27 March 2015. The stock had hit a 52-week high of Rs 231.50 on 19 December 2014.

The stock had underperformed the market over the past one month till 16 April 2015, sliding 3.29% compared with Sensex's 0.8% rise. The scrip had also underperformed the market in past one quarter, declining 21.02% as against Sensex's 1.93% rise.

The large-cap PSU bank has equity capital of Rs 362.07 crore. Face value per share is Rs 2.

Punjab National Bank (PNB) said it has reduced interest rate on rupee term deposits below Rs 1 crore in the maturity bucket of 1 to 5 years to 8.5% from 8.75%. The bank reduced interest rate on rupee term deposits below Rs 1 crore in the maturity bucket of over 5 years to 10 years to 8.25% from 8.5%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 91 days to 179 days has been reduced to to 7.25% from 7.5%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 1 year to 8.5% from 8.75%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 2 years to 5 years to 8.25% from 8.5%. The bank reduced interest rate on rupee term deposits of Rs 1 crore to Rs 10 crore in the maturity bucket of 5 years to 10 years to 8% from 8.5%. The revised interest rates will take effect from 23 April 2015, PNB said.

PNB's net profit rose 2.5% to Rs 774.56 crore on 8.2% growth in total income to Rs 12904.85 crore in Q3 December 2014 over Q3 December 2013.

The Government of India held 59.85% stake in the PNB (as per the shareholding pattern as on 31 March 2015).

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