Punjab & Sind Bank soars on planning to foray into mutual fund space
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Punjab & Sind Bank is currently trading at Rs. 31.34, up by 0.51 points or 1.65% from its previous closing of Rs. 30.83 on the BSE.
The scrip opened at Rs. 31.25 and has touched a high and low of Rs. 31.72 and Rs. 31.06 respectively. So far 102095 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 44.65 on 15-Dec-2022 and a 52 week low of Rs. 14.65 on 27-Sep-2022.
Last one week high and low of the scrip stood at Rs. 33.98 and Rs. 30.55 respectively. The current market cap of the company is Rs. 21187.36 crore.
The promoters holding in the company stood at 98.25%, while Institutions and Non-Institutions held 0.66% and 1.09% respectively.
In a bid to expand fee-based income, Punjab & Sind Bank is planning to foray into mutual fund space and hopes to find a partner by September. The bank has already floated a Request for Proposal to finalise a partner in the Fintech space. The asset management business would help the bank in increasing fee income by cross-selling products.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
