UCO Bank shares jump 8% today amid heavy volumes; here's what analysts say

Shares of UCO Bank Ltd roseate sharply successful Friday's commercialized amid dense volumes. The banal jumped 8.02 per cent to deed a time precocious of Rs 28.03 implicit its erstwhile adjacent of Rs 25.95. Around 41.42 lakh shares changed hands contiguous connected BSE, which was higher than the two-week mean measurement of 26.61 lakh shares. Turnover connected the antagonistic stood astatine Rs 11.34 crore, commanding a marketplace capitalisation (m-cap) of Rs 32,759.33 crore. The antagonistic has mislaid 12.60 per cent truthful acold this year. However, it has zoomed 130.06 per cent successful the past 1 year.

On the net front, UCO Bank's nett net jumped 110 per cent to Rs 652.97 crore successful the 3rd 4th of the existent fiscal (Q3 FY23) against Rs 310.39 crore successful the corresponding 4th a twelvemonth ago. The nett Interest Income (NII) successful Q3 FY23 roseate to Rs 1,951.87 crore compared to Rs 1,762.61 crore aforesaid play a twelvemonth ago, clocking a year-on-year (YoY) maturation of 10.74 per cent. Non-performing assets (NPAs) fell to Rs 2,406.90 crore successful Q3 FY23 from Rs 3,333.59 crore successful Q3 FY22.

Support connected the antagonistic could beryllium seen astatine Rs 26.25 level, an expert said, portion different suggested nary caller buys astatine existent levels.

AR Ramachandran from Tips2trades said, "UCO Bank looks bullish connected the regular charts and a adjacent supra absorption of Rs 27.65 could pb to a higher people of Rs 30 successful the coming days. Support volition beryllium astatine Rs 26.25."

Ganesh Dongre, Senior Manager - Technical Research Analyst astatine Anand Rathi Shares and Stock Brokers, said, "Investors tin hold for immoderate much clip to participate this stock. No caller bargain is recommended astatine existent levels."

Rajesh Bhosale, Technical Analyst astatine Angel One, said the antagonistic faces cardinal hurdles astatine Rs 28-30 levels.

The banal was past seen higher than 5-day, 20-, 100- and 200-day moving averages but little than 50-day moving averages. The counter's 14-day comparative spot scale (RSI) came astatine 52.71. A level beneath 30 is defined arsenic oversold portion a worth supra 70 is considered overbought. The company's banal has a price-to-equity (P/E) ratio of 19.47. The net per stock (EPS) of the steadfast came astatine 1.33, little than the P/E ratio.

The scrip has a one-year beta of 0.54, indicating debased volatility.

Meanwhile, Indian equity benchmarks returned to affirmative territory successful late-morning deals today, led by gains successful banks, metals, financials and vigor stocks.

Also read: Edelweiss Financial Services shares instrumentality large hit, driblet 7% connected reports of I-T raid implicit taxation evasion

Also read: Sensex climbs 500 points, Nifty tops 17,450; Adani stocks surge up to 10%; PSBs leap 8%