The shares of Punjab and Sind Bank inched up by 4 percent in the early hours on Friday as the stock was trading at Rs 33.35 levels. The stock jumped ahead of the board meeting scheduled today i.e, December 28th, 2022 to consider a proposal for raising funds of up to Rs 250 Crore by various modes, including equity and bonds issuance.
In addition to this, the company has also an agreement with SBI Cards and Payment Services, the country’s largest pure-play credit card issuer, to launch co-branded credit cards. The collaboration also marks the introduction of ‘credit cards’ as a new product segment under the bank’s portfolio.
Punjab & Sind Bank is a Public Sector Bank that majorly caters to the economically weaker sections and Small and Medium Scale Enterprises (SMEs). The bank has a pan-India presence with 1528 branches and 803 ATMs across the country.
The stock has been gaining this entire month and zoomed by approximately 60 percent. The stock price has risen from Rs 16.3 in November to the current levels logging a multibagger return of 104 percent in the span of just two months.
The stock majorly rallied in the last two months majorly on the back of strong quarterly results. In Q2FY23, the bank reported a total income of Rs 2,120.17 crore as against Rs 1,974.78 crore in the same period a year earlier. The net profit stood at Rs 278 crore which increased from Rs 218 crore in Q2FY22.
In addition to that, the stock kept growing as the bank announced aggressive expansion plans, along with goals to reach a CASA ratio of 35 percent by March, and expectations of Rs 1,100 crores in profits this year on the back of bad loan resolutions.
Written by Anoushka Roy
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
