India's Punjab National Bank surges on govt nod to divest stake in UTI Asset

UTI Asset Management

25/11/2022 05:34

** Shares of state-owned lender Punjab National Bank
 PNBK.NS  rise as much as 9.4% to 55.65 rupees, highest since
Feb. 14, 2020
    ** PNBK on Thursday got India govt approval to divest its
stake in UTI Asset Management
    ** Shares of UTI Asset Management Company Ltd  UTIA.NS  also
rose as much as 7.8% to 741.95 rupees, their biggest intraday
pct. gain since Aug. 16
    ** PNBK top gainer in NIFTY PSU index  .NIFTYPSU ; on track
to make gains for the eighth straight session
    ** PNBK shares volume at ~162 mln shares, 1.6x the 30-day
avg of 101 mln shares
    ** UTIA shares volume at ~765,000 shares, 4.2x 30-day avg of
~554,000 shares  
    ** PNBK stock up 36.3% YTD up to last close, while UTIA down
34.7%
 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))