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Punjab National Bank stocks outshine with 38% YoY growth as investor optimism drives the momentum

Punjab National Bank (PNB) share rose 5.24% to reach ₹105.06 in today’s morning trade as of 10:03 AM (IST). The stock reached its intraday high of ₹105.16 and low of ₹102.96 during the trading session.

The performance has been quite encouraging and PNB stock has enriched 38.24% in the last one year. In other words, it has expanded much beyond the 21.71 percent increase of the Sensex during the same period. The stock has also established higher risk exhibit through beta value which stands at 1.78.

On the technical front, PNB has been trading well above the basic moving average. As of November 25, the 200-day moving average DMA stood at Rs75.6 and the 50-DMA at Rs103.8. Stocks trading higher than these averages give a bullish signal as observed in the stock price of PNB.

The ratio of ROE is 8.92% indicating profitability of PNB. The stock of the bank has admittedly peaked to ₹142.9 and bottomed down to ₹75.6 in 52 weeks proving strong investors’ torrential.

Market volume on November 25 was high with 1,255,968 shares exchanged in the market. This suggests that there is lot of demand in the market for the particular stock.

It is also important to note that as at September 30, 2024 Promoters control 70.08 % of the voting rights of the bank. Mutual and other funds, and foreign institutional investors were holding 2.87% and 8.41% of this stock respectively.

Of these PNB has been a consistent outperformer. Its current trend also seems to depict an upturn and so does the market as Nifty depicts a positive movement. With its sound economic base and bullish trends on the technical plane, the bank’s stock continues to attract the attention of shareholders.

Since the market mood remains bullish, analysts are watching for the continuation of the PNB’s growth.