UCO Bank Share Price: UCO Bank good News for stockholders share price rose by 5.65% to reach a one-year high of Rs 51.60 recently. This article explores the reasons behind this surge and the key insights shared by UCO Bank’s MD & CEO, Ashwani Kumar, during an earnings call. You Will also know about UCO Bank’s Potential: Stock Analysis and Future Prospects.
UCO Bank Share Price – Recent Performance
In the recent trading sessions, UCO Bank shares experienced an impressive gain of 25.21%, hitting a 52-week-high. Investors are now wondering if this is the right time to book profits, or if there’s more potential upside.
Insights from UCO Bank Managements – MD & CEO
During an earnings call, Ashwani Kumar provided insights into the bank’s activities. He mentioned that UCO Bank has allocated Rs 702 crore for the renewable sector and is set to launch a new product for rooftop solar. However, Kumar clarified that there are no plans for capital raising in the current quarter.
Know about UCO Bank Financials Snapshot
Despite the positive stock performance, UCO Bank reported a 22.97% decline in net profit for the December quarter of 2023-24, amounting to Rs 503 crore. The gross NPA reduced by 178 basis points to 3.85%, and the net NPA decreased by 68 bps to 0.98% on a consolidated basis.
Analysts Perspectives and Recommendations for Next Move
Technical analysts have provided their perspectives on UCO Bank’s stock. Some suggest that support at Rs 44 is likely, with resistance at Rs 52. Analyst Shiju Koothupalakkal sees potential upside targets at Rs 52-55.50, while DRS Finvest founder Ravi Singh predicts the stock may reach Rs 55 in the near term. However, AR Ramachandran advises investors to consider booking profits due to the stock appearing overbought.
Know about UCO Bank Government Shareholdings
As of the end of the third quarter, the government holds a significant 95.39% share in UCO Bank, emphasizing its status as a state-run lender.
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