STOCK NEWS: Punjab National Bank,

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Stock market investors love expansion in P/E multiples. This is because P/E expansion usually happens because of increase in prices, the numerator. However, P/E expansion can also happen because of the fall in EPS, the denominator. And that is exactly happening for the PSU Banking stocks. For example, the PSU Bank Nifty PE has jumped up from 18.31 on May 13 to 27.39 on May 17 (see PSU Bank Nifty PE Chart for more details).

How can there be a 50% much jump in P/E during one weekend, you may ask. The prices have neither jumped up this much in one day nor have all companies declared bad results on that day. This is because the index managers have decided to update all the PSU bank results for this quarter on that date. If you look at the chart closely, you can see a similar spike in February. The P/E moved up from 8.39 on February 12 to 15.94 on February 15, a jump of 90% during that weekend.

Punjab National Bank, one of the leading public sector banks in India, will announce its financial results on May 18 for the fourth quarter ended March 31, 2016.

BUY IBREAL FUTURE ABOVE 89.70 TG 90.10, 90.80, 91.80 SL 89.10, 

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