Shares of Punjab National Bank (PNB) have emerged as the biggest gainers in percentage terms among the PSU bank stocks after PNB’s Q4 numbers, but the stock’s positive performance has rubbed off on other PSU bank stocks as well.
The CNX PSU bank index has gained 91 points as banking giant SBI gained Rs 64, making a significant impact on the index.
PNB shares were up by 5.42 per cent or Rs 40.55 to Rs 789.35 after the bank came out with its quarterly results. The bank’s decision to hike the dividend payout by Rs 5/share to Rs 27/share also apparently had a positive spin on the stock.
In value terms, SBI was the biggest gainer, up by Rs 64 at Rs 2,318.70. The bank is yet to come out with its Q4 numbers. Union Bank of India gained Rs 11.60 at Rs 250.80 and BoB was up by Rs 14.40 at Rs 706.50. Others, including Canara Bank, Allahabad Bank and IOB also gained but marginally.
All the 12 PSU bank stocks in the index were in the green and the index itself was up by 91 points.