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Shares of Punjab National Bank jumped as much as 7 per cent in Tuesday's trade as the country's fourth-biggest lender by assets, reported a moderate 2 per cent rise in second-quarter profit.
Net profit rose to Rs 561 crore ($9.44 million) in the quarter ended September 30 from Rs 549 crore a year earlier, beating the Rs 433 crore average estimate of analysts.
Following a positive open at Rs 198.50 against the previous close of Rs 197.30, the shares touched an intraday high of Rs 211.95 and a low of Rs 198.50. In terms of equity volume, 94.62 lakh shares exchanged hands on the BSE.
PNB shares have surged 43 per cent since the recapitalisation plan was announced on October 24.
The Indian government, which owns majority stakes in 21 lenders, including PNB, had last month announced a $32-billion recapitalisation plan for the banks to help them resolve soured loans and kickstart lending which last year grew at its slowest pace in more than six decades.
(With inputs from Reuters)
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