Sell Punjab National Bank, target price Rs 31: Kotak Securities

Kotak Securities Limited has sell call on PNB with a target price of Rs 31. The current market price of Punjab National Bank is Rs 35.95.

Punjab National Bank, incorporated in the year 1969, is a banking company (having a market cap of Rs 37667.27 Crore).

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 14162.12 Crore, up 1.71 % from last quarter Interest Income of Rs 13924.49 Crore and up 58.08 % from last year same quarter Interest Income of Rs 8959.03 Crore. The bank reported net profit after tax of Rs 544.66 Crore in latest quarter.

Investment Rationale
The stock is underperforming to the basket of PSU banks.

Promoter/FII Holdings
Promoters held 85.6 per cent stake in the company as of June 30, 2020, while FIIs held 1 per cent, DIIs 6.8 per cent and public and others 6.6 per cent.