Shares of public sector lender UCO Bank rose 8% amid a rising market today. The stock has been trading in the green for two sessions. UCO Bank stock rose 7.99% to Rs 32.45 today against the previous close of Rs 30.05 on BSE. In the current trading session, the stock opened marginally higher at Rs 30.15. 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 10:48 am, 40.08 lakh shares of the firm changed hands amounting to a turnover of Rs 12.68 crore on BSE.
This is the highest volume of shares traded on BSE since January 3. On January 3, 54.96 lakh shares of the firm changed hands on BSE amounting to a turnover of Rs 17.43 crore. 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 bank rose to Rs 38,438 crore.
The shares of UCO Bank hit a 52-week high of Rs 38.15, on December 12, 2022 and a 52-week low of Rs 10.52 on June 20, 2022.
In terms of technicals, the relative strength index (RSI) of UCO Bank stands at 53.4, signaling neither the stock is overbought or oversold. The stock has a one-year beta of 0.7, indicating low volatility during the period.
The bank is yet to report its earnings for the quarter ended December 2022. In the September quarter of the current fiscal, UCO Bank reported a more than two-fold jump in its net profit at Rs 504.52 crore as a fall in bad loans resulted in lesser provisioning requirement. The bank had reported a net profit of Rs 205.39 crore in the corresponding quarter a year ago. Total income of the Kolkata-headquartered lender during July-September rose to Rs 4,964.84 crore from Rs 4,655.86 crore in the same period of 2021-22. Interest income during Q2 FY23 rose to Rs 4,184.89 crore from Rs 3,719.79 crore.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today