“PNB FINANCE & INDUSTRIES LTD” – A VALUABLE NBFC OF BENNETT COLEMEN & CO

PNB FINANCE & INDUSTRIES LIMITED (also known as PNB Finance), was incorporated in Year 1894 initially operational as a bank under the name “The Punjab National Bank Ltd”. In Year 1998 with acquisition of NBFC – Non Deposit License from RBI the name was changed from “The Punjab National Bank Ltd” to currently known as “PNB Finance & Industries Ltd”. PNB Finance is listed on Calcutta Stock Exchange of India (I.e CSE).

PNB Finance & Industries Ltd is a part of media Conglomerate “Bennett Coleman & Co.” Bennett Coleman & Co (i.e BCCL) popularly known as “The Times Group” is India’s Largest Media Conglomerate with its presence found since 1838. PNB Finance along with BCCL is totally managed and controlled since inception by majority stakeholder i.e “Jain Family”.

PNB Finance holds a strong investment portfolio with major investment in BCCL & its associated companies. Some of the major investment companies of PNB Finance & Industries Ltd are Bennett Coleman & co, Bennett Properties Holding, Jacaranda Corporation Ltd, Times Internet, Camac Commercial , Ashoka Viniyoga Ltd, HDFC Bank Ltd. These Invested companies under PNB Finance Portfolio holds direct and indirect holding of BCCL & its associated companies thus making PNB Finance as strong NBFC with huge Integral value.

INVESTMENT PORTFOLIO OF PNB FINANCE & INDUSTRIES LIMITED    

Company Name	No of Share
Bennett, Coleman & Co. Ltd	2,66,65,848
Bennett Properties Holding Co. Ltd	44,44,308
HDFC Bank Ltd	12,19,140
Artee Viniyoga Ltd.	2,49,860
Times Internet ltd.	4,72,812
Jacaranda Corporate Services Ltd	2,00,000
Ashoka Viniyoga Ltd.	55,000
Punjab Mercantile & Trader Ltd	50,000
Punjab Properties Ltd	50,000
Camac Commercial Ltd	35,000
Excel Publishing House Ltd	30,000

VALUATION PARAMETERS: 

There is a multiple growth in the investment portfolio of PNB Finance from 2006 to 2017 with progressive and remarkable performance of companies like BCCL, HDFC Bank Ltd and other associated companies of BCCL. Since PNB Finance & Industries Limited is a NBFC – Investment Company its sole valuation is based on the growth of investment portfolio reflected & calculated in terms of NAV (net asset value).

1.    Bennett Coleman & Co Ltd (BCCL) was valued at Rs. 76000 crs in 2005 at the time IPO draft was filled but due to unfavorable market conditions it was withdrawn. BCCL shows rise in income to Rs. 9967 crs in 2016 from Rs. 2363 crs in 2005 on consolidated basis and Rs. 6859 crs in 2017 to Rs. 2363 crs in 2005 on standalone basis.

BCCL hold 71.15% stake in ENIL (i.e Entertainment Network India Ltd) which is Listed on BSE/NSE trading at CMP Rs. 799/share, it has increased Income of Rs. 120 crs in 2005 to Rs. 549.4 crs in 2017.

2.     HDFC Bank Ltd is a strong private sector bank with its bunch of wider spread and strong subsidiaries Listed on BSE/NSE at current market price of Rs. 1751/share having a Balance sheet size of Rs. 863840 crs in 2017 compared to Rs. 51429 crs in 2005 & Total Advance of Rs. 554,568 crs in 2017 from Rs. 25566 crs in 2005.

3.   Camac Commercial Ltd, Ashoka Viniyoga Ltd, Jacaranda Corporation Services Ltd – also hold direct and indirect holdings in BCCL and its associated companies which adds value in all to the NAV of PNB Finance and Industries Ltd. 

     Ashoka Viniyoga Ltd (i.e AVL) listed on Calcutta Stock exchange is into agreement with BCCL for distribution of its publications in Delhi/NCR . AVL is about to come up with exit offer/ delisting offer for its minority shareholder which is currently on hold, the value of per share of AVL holding 51707916 shares of BCCL shall be excepted to be somewhere around Rs. 10-12 Lacs per shares.

FINANCIAL HIGHLIGHTS –STANDALONE BASIS     (Fig in Crs)

Particular	2017	2016	2015	2014	2013
Total Income	4.08	11.23	20.72	4.60	2.60
PAT	3.30	9.56	16.76	3.84	2.19
EPS	10.31	29.87	52.37	12.00	6.87
Book Value	241	231	201	150	138.00

                                                

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Read More:  BENNETT COLEMAN & CO LTD (BCCL) | CAMAC COMMERICAL LTD | BHARAT NIDHI LTD | BHARAT NIDHI - VALUATION | RARE INDIAN SHARES

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