PNB stock Up After Moodys Upgrade

Market Trotting Mid-session: Punjab National Bank (PNB) stock advanced over 3% intraday on Thursday’s sessions, after Global rating agency Moody’s Investors Service on Wednesday upgraded the outlook on PNB from “stable” to “positive”, subsequent on the govt announced PNB’s amalgamation of Oriental Bank of Commerce and United Bank of India.

In a release, the Moodys has further affirmed the local& foreign currency deposit ratings of the bank at ‘Ba1/NP’, whereas Baseline-Credit-Assessments& adjusted-Baseline-Credit-Assessments were affirmed at B1.

On further updates on PNB, the bank earlier this week said that its board would mull capital infusion of up to Rs.18,000-Cr on its board meeting on Thursday.

On the NSE, PNB shares opened higher at Rs.61.65-per share and moved higher as much as Rs.61.90-apiece, marking a rise of over 3%. On the BSE too, PNB stock rose upto an intraday high of Rs61.95-per share.

At 12:10 hours, PNB shares traded 1.67% higher at Rs.60.90 apiece on the NSE. In comparison the benchmark Nifty trimmed morning gains by 11-pts down at 10832-levels.

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