New Delhi: Shares of continued to gain on Tuesday on the back of heavy volumes, rising more than 14% during the early trading hours.
The state-run lender has been outperforming the broader markets and turned into a multibagger in just five months.
The Kolkata-headquartered public sector lender rose 14% to hit a new 52-week high of Rs 21.35 on Tuesday. The scrip had settled at Rs 18.71 on Monday.
Shares of UCO Bank have zoomed more than 36% in the last two sessions as the scrip hit the upper circuit of 20% on Monday. The lender tested its new four-year highs on Tuesday.
#MarketsWithETNOW | @UCOBankOfficial:➡️Hit 4-year high intraday➡️Up over 30% WTD, biggest gain since week ended… https://t.co/vZisAuUi81
— ET NOW (@ETNOWlive) 1669090610000
The trading volume in the counter jumped over 2.5x its 20-day average volume, said ET NOW in its tweet.
UCO Bank has appointed Rajendra Kumar , Chief General Manager, as Executive Director for a period of three years with effect from the date of the assumption of office or until further orders.
On BSE, about 1.04 crore shares worth Rs 22.16 crore changed hands as of 10.05 am. On the other hand, 1.09 crore shares amounting to Rs 22.42 crore were traded on National Stock Exchange (NSE) at the same time.
During the quarter ended September 2022, UCO Bank posted a 141% jump in net profit to Rs 505 crore, compared with Rs 204.4 crore in the year-ago period. Gross NPA also improved to 6.58% from 7.42% during the June quarter.
Technical view
Rohan Shah – Senior Technical Analyst at BP Wealth & Stoxbox has suggested to buy the counter as he sees more upside for the stock.
“UCO Bank has seen a buoyant spree in the last 6 weeks and has eventuated in a stage 2 breakout. The price action has stretched across the 200-WEMA for the first time since February 2015,” he said. “The stock has remained in the corrective phase since 2010.”
After an extended run, the price action is anticipated to cool off moderately and form a base before it can continue its up move. The gap-down zone near Rs 20-22 will act as immediate resistance going forward which is 22% up from the current market price, he adds.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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