PNB cuts benchmark rate by 50 bps

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CUTS BPLR BY 25 BPS TO 12% WITH EFFECT FROM JULY 25
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RIL MOVES SUPREME COURT CHALLENGING BOMBAY HIGH COURT JUDGEMENT
RIL ALLEGES THAT BOMBAY HC ERRED IN DECIDING QUANTITY, TENURE, PRICE OF GAS
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CLB ORDER IN THE MATTER OF MAHINDRA SATYAM EXPECTED ON MONDAY
OPEN TO 1-2 GOVT NOMINEES TO BE RETAINED FOR INVESTIGATION PURPOSE
MAHINDRA SATYAM BOARD HAS WRITTEN TO CLB TO RECALL GOVT NOMINATIONS
BHARTI GETS INTERPRETIVE ORDER FROM SEBI ON WAIVER OF OPEN OFFER
ORDER CONDITIONAL ON BHARTI GETTING NOD FOR SCHEME OF ARRANGEMENT BY HC
BHARTI WILL NEED SHAREHOLDER APPROVAL FOR SCHEME OF ARRANGEMENT
TATKAL BOOKING PERIOD REDUCED TO 2 DAYS FROM 5 NOW
TO FORM EXPERT COMMITTEE FOR OPTIC FIBRE CABLE NETWORK
PROVISION FOR NEW LINES AT RS.2921CR FROM RS,1100CR
RECEIVED INCREASED BUDGETARY SUPPORT BY RS.5000 CR IN FY'10
MAMATA BANERJEE: ECONOMIC VIABILITY OF PROJECTS IS NOT THE KEY CONCERN
ANNUAL PLAN OUTLAY OF RS.40,740 CR IN FY10
TO DEPLOY RS.15675 CR VIA INTERNAL RESOURCES
RAILWAY FINANCE CORP TO BORROW RS.9000 CR IN FY'10
FY'10 GROSS TRAFFIC RECEIPTS SEEN AT RS.8842 CR
EXPECT RS.58500 CR REVS FROM FREIGHT, RS.23400 FROM PASSENGERS IN FY'10

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

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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.