Shares of Punjab National Bank Ltd. jumped to their highest in 33 months, a day after it received the government’s approval to sell its stake in UTI Asset Management Co.
Separately, the state-run lender also saw multiple large trades.
At least 1.82 crore shares, or 0.2% equity, of the lender changed hands in at least 11 large trades, according to Bloomberg data.
On Nov. 24, the PSU bank received the central government’s approval to sell its 15.22% stake in UTI Asset Management Co. Ltd.
Shares of the state-run lender jumped 8.16% to Rs 55 apiece, the highest since February 2020. This is the most the stock has jumped since Nov. 9. The relative strength index is 84, suggesting that the stock might be ‘overbought’.
Of the 18 analysts tracking the company, five maintain ‘buy’, six suggest ‘hold’ and seven recommend ‘sell’, according to Bloomberg data. The 12-month consensus price target implies a downside of 28.1%.