Punjab National Bank gains on partnering with Gujarat Cooperative Milk Marketing Federation
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Punjab National Bank is currently trading at Rs. 52.15, up by 0.49 points or 0.95% from its previous closing of Rs. 51.66 on the BSE.
The scrip opened at Rs. 52.00 and has touched a high and low of Rs. 52.55 and Rs. 52.00 respectively. So far 1041339 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 62.05 on 15-Dec-2022 and a 52 week low of Rs. 28.75 on 01-Jul-2022.
Last one week high and low of the scrip stood at Rs. 52.55 and Rs. 49.70 respectively. The current market cap of the company is Rs. 57642.67 crore.
The promoters holding in the company stood at 73.15%, while Institutions and Non-Institutions held 15.23% and 11.62% respectively.
Punjab National Bank has partnered with Gujarat Cooperative Milk Marketing Federation (GCMMFL), better known as Amul, to offer financial services to federation's supply network pan-India under the MUDRA scheme. A memorandum of understanding to this effect was signed between PNB and GCMMFL (Amul) on July 1.
Through small ticket financing under MUDRA, the bank will be financing Amul's retailers, wholesale dealers/area milk distributors and exclusive Amul preferred outlets-milk parlours. Other services will include integrating various digital channels like QR codes, POS (point of sale), UPI (Unified Payment Interface), etc., supply chain finance and EMI collection digitally, and providing working capital limits, among others. By the association, both the partners are aiming to provide support to more than 11 lakh retailers, wholesale dealers and others.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
