After a consistently dissapointing performance, the earnings numbers for Punjab National Bank (PNB) look better than expected, says Pankaj Sharma, Equirus Securities. But the improved earnings is already in the price of the stock, he says. The stock had fallen to Rs 70 before to it rose close to 85 percent. The bank had Rs 42000 crore worth of slippages last year. It will do around 16000-17000 crore worth slippages this year, accoring to Bajrang Bafna, Sunidhi Securities and Finance. The bank, he says had promised ample recovery for this quarter. But he feels that the recovery of Rs 6000 crore won't be enough. Rajiv Mehta, IIFL, says that fresh slippages are lower than expected. This may be due to a decline in the number of new loans.
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