State-owned Punjab National Bank (PNB) recovered Rs 20,000 crore of bad loans during the financial year ended March 2019, almost double the recovery amount in the preceding year, its Chairman Sunil Mehta has said.
Ind-Ra downgrades PNB's Rs 6,750 crore AT1 bonds
India Ratings and Research (Ind-Ra) has downgraded Punjab National Bank's additional tier I (AT1) perpetual bonds worth Rs 6,750 crore by one notch to A/negative outlook from A+/negative.
The rating of the AT1 bond signifies the weakness in the standalone operations of the bank, the release said.
PNB HAS A PRICE RANGE OF 74 (GOOD SUPPORT) AND IF CROSSES 77.5 THEN 80 IS THE NEXT TARGET.
MAINTAIN PROPER STOP LOSS LEVEL AND TRADE AS PER THE DIRECTION.
IT IS OBSERVED THAT ENTERING AT 74+ LEVEL WOULD BE FETCHING.
Central Pivot Range below than previous month's, indicating bearish sentiment.
Opening between H3 and L3, H3 being very strong resistance.
Will reach L3 once, but more bearish movement can be expected.
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