PNB Housing Finance shares surge 10% amid block deal; General Atlantic Singapore Fund looks to exit
General Atlantic Singapore Fund FII Pte Ltd was planning to sell its entire 5.13% stake in PNB Housing Finance, aiming to raise ₹1,033 crore.
General Atlantic Singapore Fund FII Pte Ltd was planning to sell its entire 5.13% stake in PNB Housing Finance, aiming to raise ₹1,033 crore.
Last month, PC Jeweller had also received a similar proposal from Union Bank of India to settle its outstanding dues.
The weakness in PSU banks was in sync with the broader market as investors booked some profit ahead of the general election results due on June 4.
RBI has significantly enhanced the provisioning requirement during the construction phase of a project to 5%.
Last week, ICRA and CARE upgraded PNB Housing Finance's long-term ratings, citing its improved asset quality metrics as well as strengthened capitalisation profile.
The PSU lender has risen over 12% in the last four sessions, touching its fresh 52-week high of ₹110.95 in intraday trade today.
The market cap of PNB crossed ₹1.01 lakh crore today after the shares of the PSU lender rose 2.1% to hit a fresh 52-week high of ₹91.81 intraday.
PNB Housing Finance recently launched its 100th Roshni branch in India and plans to take the total number to 160 by the end of FY24
Punjab National Bank’s Q2 net profit zoomed 327% YoY to ₹1,756 crore, which was the highest in the last 14 quarters.
PNB, Trent, TVS Motor, Shriram Finance, and Zydus Lifesciences will replace these five stocks in the Nifty Next 50 index, effective from September 29, 2023.