Stock below Rs 50: Keep an eye on this multi-bagger PSU stock which gave a return of more than 120 per cent
The company has provided multi-bagger returns of 122.28 per cent in just 1 month, while the BSE Sensex has only increased by 1.44 per cent in 1 month.
On Tuesday, the benchmark indices closed the market higher with Sensex up around 382 points or 0.61 per cent at 62,512.37 and Nifty PSU Bank also soared 3.81 per cent to Rs 4,525. During the previous two to three months, the PSU bank index had an outstanding performance, rising by 1500 points.
Today, one of the Top Gainers on BSE was shares of Punjab & Sind Bank which surged 10 per cent to reach the upper price band of Rs 40.90 per share. Shares also traded at a new 52-week high of Rs 40.90. Additionally, the company's stock price has risen dramatically and has made consecutive upper circuits and 52-week highs over the past five days of trading sessions.
The company has provided multi-bagger returns of 122.28 per cent in just 1 month, while the BSE Sensex has only increased by 1.44 per cent in 1 month. The corporation reported positive results in its quarterly and annual financial statements. In FY21 when the net loss recorded was Rs 2732.90 crore, it skyrocketed to a net profit of Rs 1039.05 crore or 138 per cent in FY23.
Punjab & Sind Bank is engaged in the business of deposits, loans & advances and remittances & collections. The President of India holds the maximum shareholding of the company, i.e., 98.25 per cent as of September 2022. Today, shares of this company saw a spurt in volume by more than 1.01 times on BSE. Over the past year, the company has produced solid profit growth of 116 per cent CAGR. Investors should keep an eye on this stock.