Punjab National Bank shares have seen a correction of more than 7 per cent in the last two sessions but the medium-term outlook appears relatively bullish.
The banking system’s credit growth remained healthy at 15 per cent (ex-HDFC) for the fortnight ended September 8, 2023, running above the 12-13 per cent growth noted by Emkay Global.
HDFC Bank, as per Nuvama Institutional Equities, is expected to see highest inflows at $89 million. Power Grid ($64 million), Shriram Finance ($59 million) and Trent ($54 million) are a few other stocks likely to see inflows.
PNB said its standalone net profit surged 307 per cent to Rs 1,255.4 crore for the June quarter compared to Rs 308.4 crore in the same quarter last year.