PNB cuts benchmark rate by 50 bps

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OCT STEEL SALES UP 38% AT 4.62 LAKH TONNES VS 3.35 LAKH TONNES (YOY)
OCTOBER CRUDE STEEL PRODUCTION UP 22% AT 599,000 TONS (YOY)
OCTOBER SAW THE BEST EVER PRODUCTION IN MOST UNITS
SMS BOS < space > stock query at 56388
CRUDE FALLS 2.6% TO $77.43 BBL
COPPER DOWN TO $6490/TON ON WEAK DEMAND AND US UNEMPLOYMENT DATA
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Stock updates: SMS STO followed by scrip name to 56388
For Kingfisher Airlines flight updates sms KING to 56388
CO TO LAUNCH ITS 3 SCREENS MULTIPLEX IN KANPUR
DOW JONES UP 0.17%; NASDAQ UP 0.34%; S &P 500 UP 0.25%
RCOM LOSES 0.1%, SHEDS 23.5 LAKH SHARES IN OPEN INTEREST
IDEA LOSES 5.2%, ADDS 30.6 LAKH SHARES IN OPEN INTEREST
ASHOK LEYLAND GAINS 4.9%, ADDS 32.4 LAKH SHARES IN OPEN INTEREST
NIFTY CLOSES JUST BELOW 4800 AFTER A GAP UP OPENING
STRONG AT $1095/OZ AS SAFETY MEASURE POST RISE IN U.S UNEMPLOYMENT DATA
U.S UNEMPLOYMENT DATA AT 26 YEAR HIGH;CRUDE FALLS 2.6% TO $77.43 BBL
SMS BOS < SPACE > MF, MUTUAL FUND QUERY AT 56388
GOVT TO EASE NORMS FOR FDI REQUIRING CABINET APPROVAL: SOURCES
CCEA NOD NEEDED ONLY FOR INVESTMENTS OF RS.1200 CR AND ABOVE: SOURCES
NEW NORMS TO CONSIDER TOTAL FOREIGN INVESTMENT NOT TOTAL INVESTMENT: SRCS
COS GETTING FRESH FDI IN SECTORS WHERE FDI CAPS HAVE GONE UP: SOURCES
ISSUES REGULATORY FRAMEWORK FOR AUTHORISED PERSONS
AUTHORISED PERSONS CAN FACILITATE TRADING THROUGH BROKER TERMINALS
STOCK BROKERS TO SEEK SEBI APPROVAL FOR APPOINTING AUTHORISED PERSONS
NO PLANS TO OFFER HOME LOANS AT 8%: NW

Updated: 31/10/2008 | 03:31 PM IST

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NDTV Correspondent

Friday, October 31, 2008 (New Delhi)

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Leading PSU bank Punjab National Bank cut its prime lending rate by 50 bps, following a reduction in RBI’s repo rate. The move would be effective from December 1.

The bank also said that its second-quarter net profit jumped to Rs 707 crore, from Rs.538.4 crore a year earlier. The bank said that its net interest income for the second quarter jumped to Rs 1,712 crore, from Rs1,291.45 crore in the year earlier.

The bank’s stock rose to Rs 427 on Friday’s intraday trading, up over 6 per cent.