A combined 46.2 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.
Shares of PNB, too, hit a 52-week high of Rs 47.40, up 5.5 per cent on the BSE in the intra-day trade today.
On October 6, 2021, Moody’s Investors Service affirmed the ‘Ba1’ long-term local and foreign currency deposit ratings of BoB, PNB, Canara Bank and Union Bank of India, as well as their ‘b1’ BCAs.
The ability to access equity capital markets is a key credit positive as it reduces the dependence on the government for capital, according to the agency’s analysis.
Profitability will improve over the next 12-18 months as credit costs will decline in line with a lower nonperforming loans formation rate.
Moody’s continues to assume a very high level of government support in their ratings, leading to unchanged three notch uplift in their deposit ratings.
Meanwhile, the stock of Canara Bank, too, hit a fresh 52-week high of Rs 207.15, up 2.6 per cent, having rallied 31 per cent in the past one month.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world.