Punjab & Sind Bank Surges To Five-Month High As Q1 Profit Rises 18%
The stock rose as much as 7.6% in early trade to Rs 73.64 apiece on the NSE.
Shares of Punjab & Sind Bank jumped nearly 8% on Monday to the highest level in over five months on Monday after its consolidated net profit rose 19% in the first quarter of the current financial year.
The public sector bank posted a profit of Rs 182 crore in the quarter ended June in comparison to Rs 153 crore in the year-ago period. Its net interest income also rose 15% to Rs 850 crore, according to an exchange filing.
On the NSE, Punjab & Sind Bank's stock rose as much as 7.6% in early trade to Rs 73.64 apiece, the highest since Feb. 8. It was trading 2.9% higher at Rs 70.01 per share, compared to a 0.62% advance in the benchmark Nifty at 11:44 a.m.
The share price has gained 114.29% in the last 12 months and 62.48% on a year-to-date basis. The total traded volume so far in the day stood at 4.3 times its 30-day average. The relative strength index was at 67.72.
