PNB reached the new highest level of the year, why did the stock show a sharp jump?

There has been a steady rise in the stock since June and investors’ investment in the stock has increased almost 2 times during this period. Today the stock has seen a gain of more than 9 percent.

PNB reached the new highest level of the year

Today Punjab National Bank stock Is seeing a boom, the stock today has reached a new high of the year with an increase. In fact, the bank has informed that it has got approval from the government for the sale of stake in UTI Asset Management Company. At present, other information related to the stake sale is yet to be revealed. But this news has been taken up by the investors. Punjab National Bank The stock has registered a boom. The trend of growth is being seen in public sector banks for some time. PNB stock also has an upward trend since June.

where did the stock reach

In today’s trade, the stock of Punjab National Bank has reached the day’s highest level of 55.65, which is also the new year’s highest level of the stock. The previous closing level of the stock was 50.8. That is, in today’s business, the stock has seen an increase of more than 9 percent. The stock remained above the level of 55 in the first one hour. The year’s lowest level of the stock is 28.05 which has been seen in the middle of this year. That is, in less than 6 months, the investment of investors in the stock has almost doubled. The special thing is that today’s level of stock is also the highest level after the start of the epidemic.

Why did the stock rise

Behind the rise in the stock is the announcement of the bank, according to which the bank has got approval to sell its stake in UTI Asset Management. According to the bank, the main reason for the stake sale is to get the profits from its investment. UTI AMC has 4 promoters which include SBI, LIC, Bank of Baroda and Punjab National Bank which together hold 45.16 per cent stake. Out of this also PNB has 15.22 percent stake. The effect of increasing provision has been seen on the results of the second quarter and the profit fell by 63 percent. At the same time, there has been an increase of 30 percent in NII.