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Punjab National Bank Related news

PNB hikes MCLR, Union Bank withdraws festive discount on vehicle loans

PNB hikes MCLR, Union Bank withdraws festive discount on vehicle loans

Reflecting a rise in the cost of deposits, Delhi-based public sector lender Punjab National Bank has hiked the Marginal Cost of Funds Based Lending Rate (MCLR) by five basis points across different tenors from 1 January 2024. One-year MCLR is now 8.7 per cent.

Meanwhile, Bank of Baroda, a Mumbai-based public sector lender, has hiked the home loan rate from 8.7 per cent to 8.8 per cent from the start of the month. Rate revision comes after the end of its festive period offer.

Punjab National Bank slips 8%, falls below QIP floor price of Rs 37.35

Punjab National Bank slips 8%, falls below QIP floor price of Rs 37.35

Shares of Punjab National Bank (PNB) slipped 8 per cent to Rs 37.25 on the BSE on Wednesday, falling 10 per cent in the past two trading days after the bank announced the opening of qualified institutional placement (QIP) issue on Tuesday. However, the share price of the state-owned lender has fallen below the QIP floor price of Rs 37.35 per share.

In the past month, the stock has run up strongly, rallying nearly 40 per cent till Monday. At 09:44 am, the stock was trading 6 per cent lower at Rs 38.15, as compared to 0.71 per cent rise in the S&P BSE Sensex. The counter has seen huge trading volumes, with a combined 87 million equity shares were changing hands on the NSE and BSE.

As amalgamation with United Bank, OBC takes effect, PNB becomes India’s second largest PSB after SBI

As amalgamation with United Bank, OBC takes effect, PNB becomes India’s second largest PSB after SBI

The Punjab National Bank (PNB) has become the second-largest nationalized bank of the country - both in terms of business and branch network - after its amalgamation with United Bank of India and Oriental Bank of Commerce which came into effect on April 1.

The State Bank of India (SBI) still remains the largest state-run bank in the country.

PNB rises 3% ahead of Q3 results, nod to raise Rs 1,000 crore via bonds

PNB rises 3% ahead of Q3 results, nod to raise Rs 1,000 crore via bonds

Shares of Punjab National Bank rose up to 2.7 per cent to Rs 58.9 on the BSE on Tuesday ahead of its December quarter (Q3FY20) results due later today. Besides, the bank’s Board yesterday approved raising funds through issuance of bonds.

Board of the Bank in its meeting held on February 3, 2020 has granted permission for raising funds through issuance of Basel-III compliant Tier-II Bonds amounting up to Rs 1,000 crore in one or more tranches, the bank said in a regulatory filing.

SBI, PNB, BoB slip up to 4% as US-Iran tension push bond yields higher

SBI, PNB, BoB slip up to 4% as US-Iran tension push bond yields higher

Banking counters, including Punjab National Bank, Bank of Baroda, State Bank of India, and Canara Bank slipped over 4 per cent on the National Stock Exchange (NSE) in the early deals on Monday as heightened tensions between the United States and Iran pushed bond yields higher in India.

US President Donald Trump on Sunday vowed major retaliation if Iran tried to avenge the death of its key military commander Qasem Soleimani, who was killed by the US military on Friday.

PSBs in focus: PNB, Bank of Baroda up over 4% on RBI's Operation Twist 2.0

PSBs in focus: PNB, Bank of Baroda up over 4% on RBI's Operation Twist 2.0

Public sector banks (PSBs) were in focus on Friday, with Nifty PSU Bank index gaining more than 3 per cent on the National Stock Exchange (NSE), on expectation that the banks would benefit from lower yields on government bonds.

At 10:45 am, Nifty PSU Bank index was trading as the top gainer among key sectoral indices, and was up 3.2 per cent, as compared to a 0.64 per cent rise in the benchmark Nifty50 index.

Lenders to textile firm Sintex Industries reject $1 billion revamp plan

Lenders to textile firm Sintex Industries reject $1 billion revamp plan

Lenders to Sintex Industries Ltd. rejected a debt restructuring plan by the company and intend to push it into bankruptcy, people familiar with the matter said.

According to the resolution proposal, the textile company will be able to service only 30% of its Rs 63 billion ($888 million) of bank loans, the people said, asking not to be named, as the information isn’t public.

SBI, PNB, Axis, HDFC Bank, ICICI or any other bank’s customer? Check new NEFT timings

SBI, PNB, Axis, HDFC Bank, ICICI or any other bank’s customer? Check new NEFT timings

NEFT Timings: Customers of SBI, HDFC Bank, Axis Bank, Punjab National Bank, ICICI Bank or any other commercial lender can do National Electronic Funds Transfer (NEFT) transactions 24×7 from today. The facility will now be available on any day of the week or month, including holidays. The Reserve Bank of India (RBI) has allowed this facility to be available at all times throughout the year.

For smooth settlement of NEFT transactions, the RBI has decided to provide additional collateralised intra-day liquidity facility.

SBI to divest 8.25% in UTI AMC share sale; BoB, LIC and PNB may follow suit

SBI to divest 8.25% in UTI AMC share sale; BoB, LIC and PNB may follow suit

State Bank of India (SBI) on Wednesday said it will divest 8.25 per cent in the proposed initial public offering (IPO) of UTI Asset Management Company (AMC). The lender currently holds 18.25 per cent stake in the mutual fund (MF) house. Three other public sector undertakings (PSU) Life Insurance Corporation (LIC) of India, Bank of Baroda (BoB), and Punjab National Bank (PNB) also hold 18.25 per cent each, while US-based T Rowe Price owns 26 per cent.

Sources say LIC, BoB, and PNB too are expected to divest 8.25 per cent each in the UTI AMC IPO.

PNB reports net profit of Rs 507 crore in Q2; finances under stress

PNB reports net profit of Rs 507 crore in Q2; finances under stress

Though Punjab National Bank (PNB) posted a rise in profit before tax (PBT) of Rs 633 crore in the September quarter (Q2), its finances showed signs of stress, when it is going to acquire two public sector banks from the next financial year.

In terms of profitability, PNB was in a better position than the same quarter in the last fiscal. Its net profit stood at Rs 507 crore in Q2, compared to a net loss of Rs 4,532 crore in the same quarter last fiscal year. In Q1, the bank’s net profit stood at Rs 1,019 crore. PNB’s stock price closed lower by 5 per cent at Rs 64.75 on Tuesday.

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