Financial Daily from THE HINDU group of publications
Wednesday, Jan 18, 2006
Financial Daily from THE HINDU group of publications Wednesday, Jan 18, 2006 |
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Money & Banking
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Financial Services PNB Gilts on turnaround mode Our Bureau
Kolkata , Jan 17 PNB Gilts, the primary dealer promoted by Punjab National Bank, is turning around after a difficult spell, thanks partially to its involvement in fee-based activities. The company, which has turned in a net profit, is expected to see an increase in profitability in the coming days. It is also expected to execute more mandates in areas like merchant banking. PNB Gilts, a listed company, hopes to seriously buck the losing trend set by primary dealers (PDs) in recent times, said Mr S.C. Gupta, CMD of PNB. He added that standalone PDs had lately gone through an uncertain period marked by adverse market conditions. The parent bank, incidentally, holds well over 70 per cent of the subsidiary's equity. The PNB Gilts stock is now trading at around Rs 21 on the stock exchanges. The company recorded a net profit of over Rs 29 crore on a gross income of Rs 75 crore for the first half of the current year. As on March 31, 2005, its net loss had stood at Rs 68 crore or so - a situation that will not find repetition in dynamic market conditions and in the context of emerging business opportunities, Mr Gupta hoped.
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