Punjab National Bank gains after capital infusion

Punjab National Bank rose 1.39% to Rs 80.05 at 11:15 IST on BSE after the bank said it received Rs 2816 crore capital infusion from the government.

The announcement was made after market hours yesterday, 23 July 2018.

Meanwhile, the S&P BSE Sensex was up 131.33 points, or 0.36% to 36,849.93.

On the BSE, 8.14 lakh shares were traded in the counter so far compared with average daily volumes of 20.40 lakh shares in the past two weeks. The stock had hit a high of Rs 80.35 and a low of Rs 78.65 so far during the day. The stock hit a 52-week high of Rs 231.60 on 26 October 2017. The stock hit a 52-week low of Rs 72.35 on 28 June 2018.

Punjab National Bank (PNB) said it received a capital infusion of Rs 2816 crore towards contribution of the central government in the preferential allotment of equity shares (special securities/bonds) of the bank during the financial year 2018-2019, as the government's investment. The preferential allotment of equity shares to the Government of India (GoI) will be made after completing the process of regulatory approvals.

Punjab National Bank reported net loss of Rs 13416.91 crore in Q4 March 2018 as against net profit of Rs 261.90 crore in Q4 March 2017. Total income declined 13.63% to Rs 12945.68 crore in Q4 March 2018 over Q4 March 2017.

Government of India held 62.25% stake in PNB as per the shareholding pattern as on 30 June 2018.

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