July 6, 2017 / 5:02 AM / 2 months ago

BUZZ-India's PNB jumps; Nomura upgrades to 'buy'

** Shares of Punjab National Bank jump as much as 4.4 pct, post their biggest intraday pct gain since May 16

** Nomura upgraded the stock to 'Buy' from 'Neutral' on Wednesday, kept TP at 180 rupees

** After the 24 pct correction in the past two months, incremental risk reward is turning favourable again for the bank, Nomura says

** Near-term provisioning will remain elevated given the lower coverage of 41 percent, but large stock of prudentially written-off NPAs provides comfort, it adds

** Up to Wednesday's close, stock had risen 18.3 pct this year vs an 11.11 pct gain in Nifty PSU Bank index

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