PNB jumps over 9% to hit 52-week high. What’s driving the rally?

Shares of state-owned () jumped over 9.5% to hit 52-week excessive in Friday’s commerce after getting authorities approval to divest its whole stake in (AMC).

“The exchange is hereby informed that the bank has received approval of DIPAM, Ministry of Finance, Government of India for divestment of bank’s entire/part stake in UTI Asset Management Company Limited in single or multiple tranches subject to compliance of SEBI Regulations/other applicable regulatory guidelines,” PNB stated in a BSE submitting.

The financial institution, which holds a 15.22% stake in

, will divest its whole stake in the mutual fund firm in single or a number of tranches for the realisation of beneficial properties on funding.

The timeline for making the divestment is but to be finalized, the financial institution stated.

At 10.30 am, the scrip was buying and selling 9% increased at Rs 55.45 over its earlier day’s closing worth of Rs 50.80 per share. It hit a 52-week excessive of Rs 55.65 on BSE earlier in the day.

The inventory has risen practically 28% in the final one month, whereas it has surged 86% in the final six months.

Out of the 14 analysts masking the inventory, solely two have purchase scores whereas six have promote scores, and one other six have maintain scores. The common share worth goal of the inventory alerts a draw back potential of 25% from the present market worth.

The brokerage agency Emkay Global additionally has a promote name on Punjab National Bank with a goal worth of Rs 30.

(Disclaimer: Recommendations, strategies, views, and opinions given by the specialists are their very own. These don’t symbolize the views of Economic Times)

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