Centurion jumps on broking move

DALAL STREET SPIKES

Central Bank of Punjab (CBoP) rose 4.56 per cent to close at Rs 30.95 backed by phenomenal volumes of 7.2 lakh shares on the back of announcement that the bank has tied up with Ambit RSM group and the TV-18 group for the stock broking venture to be headed by Rana Talwar.

This initiative will prove to be another boost for the bank's wealth management and fee-based services. Thus it will be in a position to broadbase sources of growth of its already high interest margins.

The bank made two acquisitions of Bank of Punjab and Lord Krishna Bank in less than a year. It has also performed in the recent rally of banking sector.