PNB Gilts hits new high; zooms 70% post Q2 results

PNB Gilts hit a new high of Rs 51.30, up 10% on BSE, extending its month-long rally after it reported a robust set of numbers for the second quarter ending September 30, 2016 (Q2FY17).

Since October 25, post Q2FY17 results, the stock zoomed 71% from Rs 30 as compared to 7.8% decline in S&P BSE Sensex.

PNB Gilts, a subsidiary of Punjab National Bank, reported a nearly three-fold jump in net profit at Rs 70.14 crore for Q2FY17, on backdop of strong growth recorded by the government securities segment. It had profit of Rs 24.78 crore in the corresponding quarter last year. Total income from operations rose 70% at Rs 175 crore over the previous year quarter.

The government securities segment posted PBT (profit before tax) of Rs 89 crore during reporting quarter against Rs 21 crore in a year ago quarter.

PNB Gilts is a leading primary dealer in the government securities market. The company undertakes more than 90% of their operations in government securities.

The range of product and services offered by the company includes, treasury bills, central government dated securities, state government securities, PSU bonds, inter-corporate deposits, CSGL accounts, money market instruments, mutual fund distribution and investment/ trading in equity and equity derivatives. In addition, they also offer advisory services to our clients to manage the government securities portfolio.

Till 10:28 am, a combined 5.08 million shares changed hands and there were pending buy orders for 319,140 shares on the BSE and NSE.

Punjab National Bank