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Punjab and Sind Bank board of directors has approved the plan to raise Rs 1000 crore as per SEBI norms. The bank is likely to raise the cash to fund future expansion.
The stock jumped 10% after the news came. On NSE, the trading volume was more than 1.5 million shares by afternoon.
The bank has been lagging compared to other PSU banks in India. The stock is expected to gain momentum.