Among the losing pack, Solara Active Pharma Sciences has slumped 75 per cent, while Aarti Drugs, MCX India and Tata Communications are other major laggards
In Q4FY22, the bank's standalone net profit dropped 66 per cent YoY to Rs 201 crore as the bank set aside Rs Rs 325 crore on account of a fraud.
Stocks to Watch Today: Aditya Birla Capital, Apollo Tyres, GSPL, HCC, L&T, RBL Bank, Siemens and Tata Motors ahead of Q4 earnings; Prudent Corporate Advisory Services IPO to close on Thursday.
Lender sets aside Rs 325 crore to provide for fraud
The government has nominated new directors on the boards of Punjab National Bank (PNB) and IDBI Bank, following the cessation of the terms of incumbent directors.
Banking shares have bounced back strongly in trades on Thursday amid hopes of a peace deal between Russia and Ukraine on planned diplomatic talks.
According to Vinay Rajani of HDFC Securities, metal as a sector has been outperforming for a while and technical setup of the metal index is much stronger than Nifty.
The technical analyst expects the NSE Nifty to face resistance around 17,773, while suggests to hold longs on the Nifty with a stop at 17,200.
Canara Bank hit a 52-week high of Rs 252.80, after rallying 6% in intra-day trade and 21% in the past four trading days.
According to Mehul Kothari, traders can buy PNB on dips near the 40-mark with a stop loss of 36 for upside target of 48 in 3 - 5 weeks.
On the asset quality front, the bank witnessed slight improvement by cutting its gross NPAs as a percentage of gross advances to 12.88% from 12.99% by the same period a year ago
In Q3FY22, Canara Bank's asset quality improved with its gross non-performing assets (GNPA) ratio reducing to 7.80 per cent, down from 8.42 per cent as at September 2021.
Expect PNB, Bandhan Bank and other banks to trade with a negative bias below 200-DMA