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PNB Gilts Ltd - Rs. 3 dividend recommended - Dividend Yield @ 8.57%

Posted On: 2020-07-16 10:08:34 (Time Zone: IST)

PNB Gilts Ltd is a subsidiary of Punjab National Bank (PNB). The company got its license in 1996 when Reserve Bank of India (RBI) introduced the system of Primary Dealers with a view to strengthen the institutional infrastructure of Government Securities market and is the only listed primary dealer in India. PNB currently has holds 74.07% stake in the company and the rest is with the public and others.

The Board of directors in its meeting held on 04.06.2020 has recommended final dividend of Rs. 3/- per equity share i.e. 30% (Face Value: Rs. 10 per share) for the financial year 2019-20, subject to approval of the members of the Company at the ensuing Annual General Meeting of the Company. The dividend shall be paid or despatched to the shareholders within 30 days of declaration subject to resumption of postal services.

The current stock price is Rs. 35 and the dividend yield works out to 8.57% at current market price. In BSE, the company's stock price hit a 52 week high of Rs. 40.10 (June 16, 2020) and low of Rs. 21.50 (March 23, 2020).

The company reported net profit of Rs. 99.01 crore for the quarter ended March 31, 2020 (Q4FY20) as against loss of Rs. 7.70 crore for the quarter ended March 31, 2019 (Q4FY19) and net profit of Rs. 44.09 crore during the quarter ended December 31, 2019 (Q3FY20). The profit was boosted by net gain on securities that the company held. The EPS stood at Rs. 5.50 for Q4FY20 as compared to Rs. 2.45 for Q3FY20 and Rs. (0.43) for Q4FY19.

The company reported net profit of Rs. 186.35 crores for the year ended March 31, 2020 as compared to Rs. 52.85 crores for the year ended March 31, 2019. The EPS stood at Rs. 10.35 for FY2020 as against Rs. 2.94 for FY2019.

RBI has cut interest rates few times after the outbreak of Covid19 which has led to increase in net gain on fair value changes of securities held by the companies in this sector. A competitor of the company, ICICI Securities Primary Dealership Ltd has reported stellar numbers for the quarter ended June 30, 2020 with the profits surpassing the whole of FY2020 in just one quarter (Q1FY21).

ICICI Securities Primary Dealership Ltd Q1FY21 net profit surges to Rs. 345.08 crore

Shares of PNB GILTS LTD. was last trading in BSE at Rs.35.2 as compared to the previous close of Rs. 35.3. The total number of shares traded during the day was 22858 in over 117 trades.

The stock hit an intraday high of Rs. 35.8 and intraday low of 34.9. The net turnover during the day was Rs. 807346.

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