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25 Aug 2020
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Punjab Fibres
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Prabhudas Lilladhar
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37.00
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Hold
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PNB earnings were in-line but remained modest despite support from better treasury gains & NII. Overall earnings picture post merger remains weak as large part of operating profits will be still utilized for higher provisions (i) for legacy accounts where PCR is at 65% and (ii) COVID impact provisions as moratorium remains high. CET-I at 9.4% may be on border levels, but any movement on non-core assets & better recoveries may help to sustain for...
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