Shares of Punjab & Sind Bank surged 9.8 percent on Tuesday, April 11, after the state-owned bank announced the opening of 25 new branches across the country. With the opening of the new branches, the bank now has a total of 1,553 branches pan-India, reported PTI.
During Monday’s trade, the stock opened at a price of Rs. 26.35 per share against the previous close of Rs. 26 and grew further during the early trading session to touch an intraday high of Rs. 28.55 per share. It was trading at ₹27.38, up by 5.38 percent, at 11:00 a.m. on the NSE.
The stock touched a 52-week high of Rs. 44.75 on December 15, 2022 and a 52-week low of Rs. 13 on June 21, 2022, indicating that at the current level, the stock is trading over 110 percent above its 52-week low and 38.8 percent below its 52-week high.
The stock has grown nearly 4 percent in the last one month. Moreover, it has given a positive return of over 78 percent in the past six months. However, the stock has declined almost 27 percent in the last five years.
On Monday, these 25 branches were inaugurated virtually from the bank's head office in the presence of top executives, considering the geographical spread.
“The bank has taken a new milestone to its journey of excellence and by opening new branches, bank will look at enhancing its market outreach and all efforts will be made to mobilize quality business,” said Swarup Kumar Saha, Managing Director of the bank.
In other news, the public sector lender revised its interest rates on fixed deposits under ₹2 crore, effective from April 1, 2023. The bank has also launched two new fixed deposit schemes - Special Rate for Special Days (SRSD-1051) and PSB Grih Lakshmi Fixed Deposit Scheme.
Punjab & Sind Bank, established in 1908, is a banking company with a market capitalization of ₹18,537.25 crore. The bank operates through four segments: treasury operations, corporate/wholesale banking, retail banking and other banking operations. Its social banking includes government schemes and the pradhan mantri yojana.