Shares of public sector lender UCO Bank are on a roll with the stock zooming nearly 47 per cent in the last five sessions. In three sessions alone, the stock has surged 36% on the back of heavy volumes. UCO Bank stock hit a 52 week high of Rs 21.35 today, rising 14.11% against the previous close of Rs 18.71 on BSE. The stock closed at Rs 14.54 on November 15, 2022. In five sessions, the stock has zoomed 46.83% and risen 68.37% in a month.
In the current trading session, the stock opened 3.15% higher at Rs 19.30. Shares of UCO Bank are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The rise in the stock price can be attributed to heavy volumes of shares traded on the bourses.
At 3:00 pm, 2.02 crore shares of the firm changed hands amounting to a turnover of Rs 42.02 crore on BSE. Market cap of the lender rose to Rs 24,952 crore. On NSE, 19.40 crore shares of the lender changed hands amounting to a turnover of Rs 400.70 crore. Market cap of the firm rose to Rs 24,987.95 crore.
The shares of UCO Bank hit a 52-week high of Rs 21.35 , rising 12.64% intraday on NSE.
The turnover has been high in the previous two sessions too. On November 21, 16,682 trades took place on BSE with 1.77 crore shares changing hands amounting to a turnover of Rs 31.35 crore on BSE. On November 18, 78.48 lakh shares changed hands amounting to a turnover of Rs 12.27 crore on BSE.
The lender reported a more than two-fold rise in Q2 profit at Rs 505 crore against Rs 204.4 crore in the corresponding quarter of the previous fiscal. Provisions fell over 50% to Rs 406 crore in Q2 against Rs 1,019 crore in the comparable quarter. The bank recorded a fall in fresh slippages. In the September quarter, Rs 578 crore worth loans turned NPAs as compared to the Rs 1500 crore quarterly average seen last fiscal. Advances rose 17% year-on-year to Rs 1.42 lakh crore at the end of September quarter. Total deposits climbed 10% to Rs 2.35 lakh crore.
On the outlook of the stock, Abhijeet from Tips2trade said, “Good Q2FY23 results due to growth in other income has led to one of the best quarterly profits for UCO Bank leading to this stock trading at a 52-week high. However, the stock is very overbought and investors are advised to book profits at current levels. Investors can re-enter only near Rs 15.5- Rs 16.5 levels for higher targets of Rs 21- Rs 23.5 in the near term.”
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