PNB Shares Open 4% Higher at ₹124.86, Up from Previous Close of ₹119.95.
Punjab National Bank (PNB) shares experienced a notable rise of over 6% today, buoyed by the bank’s impressive Q1 financial results. The stock opened at ₹124.86, marking a nearly 4% increase from its previous close of ₹119.95. Throughout the trading session, PNB shares reached intraday highs of ₹128.10.
In its Q1 results, PNB reported its highest-ever quarterly standalone profit of ₹3,252 crore, reflecting a substantial 159% increase year-on-year. The surge in net profit was driven by a 10.2% rise in net interest income (NII), which climbed to ₹10,476.2 crore from ₹9,504.3 crore in the same period last year. Additionally, the bank saw a reduction in bad loans, contributing to the strong performance.
Market analysts have responded positively to PNB’s results. Jefferies India Pvt Ltd has set a target price of ₹150 for PNB shares, suggesting a potential upside of around 20%. The brokerage remains optimistic, citing lower slippages of 0.8% and higher recoveries. Jefferies anticipates that credit costs will remain low for the next 1-2 years and has assigned a ‘Buy’ rating to the stock.
Meanwhile, Motilal Oswal Financial Services has set a target price of ₹135 for PNB shares, reflecting their positive outlook on the bank’s performance.
With the strong Q1 results and favorable analyst projections, PNB investors are keenly watching for further gains in the coming months.
