56% In 90 Days: ICICI Direct Sees PSB Stock Rising, Buy: Target Price Rs 62.50

ICICI Direct has assigned buy call to leading Public Sector Bank stock, Punjab National Bank with a target price of Rs 62.50. The current market price of the stock is Rs 57.10 apiece with an intraday fall of 3.06%. If you buy Punjab National Bank shares now, you will potential receive 10% return. ICICI Direct has recommended to keep the stop loss at Rs 56.8 apiece. Check details below:

1. Punjab National Bank Stock Performance

The current market price of the stock is Rs 57.10 apiece with a fall of 3.06% at 1:50 pm on January 17, 2023. The stock's 52-week high is quoted at Rs 62.05 apiece and 52-week low is quoted at Rs 28.05 apiece, respectively. The company has a market capitalisation of Rs 63,148 crore.

2. Punjab National Bank Return

The stock has been rising sharply for last couple of months. The value of the stock surged by 4% in last 1-week, 56% in just last 3-months, and 44% in last 1-year. The stock has declined 9% in last 3-years and 67% in last 5-years.

The bank declared a consolidated total income at Rs 23,291.70 crore for the quarter ended September 30, 2022, up 8.20% from last quarter total income of Rs 21,527 crore.

3. About Punjab National Bank

Punjab National Bank (PNB), India's first Swadeshi Bank, commenced its operations with an authorized capital of Rs. 2 Lakh and working capital of Rs. 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital.

During the long history of the Bank, 9 banks have been merged/ amalgamated with PNB. It is engaged in offering financial services by leveraging technology to create value for customers and other stakeholders, opportunities for employees and thus, contributing to the economic growth of nation, according to official website.

Disclaimer

The stock has been picked from the brokerage report of ICICI Direct. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.