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PNB jumps over 4% on Nomura rating

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PNB

Mumbai: Shares of PNB jumped as Nomura has upgraded the stock to 'buy'.

Shares of Punjab National Bank jumped as much as 4.4 per cent. The stock posted its biggest intraday percentage gain since May 16.

Nomura had upgraded the stock to 'Buy' from 'Neutral' on Wednesday, and had kept the target price at Rs. 180.

After the 24 per cent correction in the past two months, incremental risk reward is turning favourable again for the bank, Nomura says.

Near-term provisioning will remain elevated given the lower coverage of 41 per cent, but large stock of prudentially written-off NPAs provides comfort, it adds.

Up to Wednesday's close, stock had risen 18.3 per cent this year vs an 11.11 per cent gain in Nifty PSU Bank index.

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