PNB Gilts stock hits 20% upper circuit amid heavy volumes on bond inclusion boost

On September 22, around three crore shares exchanged hands at both the exchanges versus one-month average of seven lakh shares, showed data

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Shares of PNB Gilts hit 20 percent upper circuit on September 22 to hit Rs 81 per share on BSE in intra-day trade on the back of heavy volumes, as India’s inclusion in JPMorgan’s bond index is seen driving billion of dollars of inflows. The stock also breached its previous 52-week high of Rs 71.6 apiece touched on July 21, 2023.

The S&P BSE Sensex was down 113 points or 0.1 percent to quote at 66,116 levels.

PNB Gilts primary activities entail supporting government borrowing programmes via underwriting of government security issuances and trade in a gamut of fixed-income instruments such as government securities, treasury bills, state development loans, corporate bonds, interest swaps and various other money market instruments.

On September 22, around three crore shares exchanged hands at both exchanges versus the one-month average of seven lakh shares, data showed.

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The development comes amid India’s bond inclusion in JPMorgan’s widely-tracked emerging market index, which can potentially drive billions of foreign inflows.

The index provider will add the securities starting June 28, 2024, wherein India would have a maximum weightage of 10 percent. Around 23 Indian Government Bonds (IGBs) of a combined notional value of $330 billion are eligible. All of these fall under the category of ‘fully accessible’ for non-residents.

The shareholding pattern of PNB Gilts shows that the promoter, Punjab National Bank (PNB), holds around 74.07 percent stake in the company as of June 2023. The market capitalisation of the company stood at Rs 1,445 crore.

According to the annual report for 2022-23, the company’s total income grew to Rs 926 crore from Rs 757 crore in 2021-22. Its net loss narrowed to Rs 77 crore as against Rs 165 crore in the year-ago period. That apart, the expenditure of the company grew to Rs 1,019 crore in 2022-23 from Rs 554 crore, in the year-ago period.

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