Inventory exchanges BSE and NSE on Monday sought clarification from UCO Financial institution over a information report, titled “Merger of 4 PSU Banks – UCO Financial institution, Financial institution of Maharashtra, Central Financial institution and Punjab & Sind Financial institution”. This question from the bourses got here post-market hours at this time. In response, the state-owned lender termed the report as “factually incorrect.”
“All the selections regarding merger shall be underneath the purview of the federal government. The financial institution has no function within the choice regarding merger and as of now, it isn’t in receipt of any data from the federal government about merger. Therefore, the abovementioned information merchandise is factually incorrect,” UCO acknowledged.
“As of now, the financial institution has not obtained any communication from the federal government regarding merger. Therefore, this information doesn’t maintain good and isn’t anticipated to have any materials affect on the financial institution,” it additional stated.
On the stock-specific entrance, UCO Financial institution shares at this time settled 0.16 per cent decrease at Rs 54.69. At this value, the inventory has gained 36.69 per cent in 2024 thus far and 94.63 per cent in a yr.
Round 12.33 lakh shares modified fingers on BSE at this time. The determine was decrease than the two-week common quantity of 12.78 lakh shares. Turnover on the counter got here at Rs 6.81 crore, commanding a market capitalisation (m-cap) of Rs 65,387.14 crore.
On technical setup, the counter traded decrease than the 5-day, 10-, 20-, 30-, 50-day and 100-day easy shifting averages (SMAs) however increased than the 150-day and 200-day SMAs. The counter’s 14-day relative energy index (RSI) got here at 45.35. A stage under 30 is outlined as oversold whereas a price above 70 is taken into account overbought.
The corporate’s inventory has a price-to-equity (P/E) ratio of 39.60 in opposition to a price-to-book (P/B) worth of two.39. Earnings per share (EPS) stood at 1.38 with a return on fairness of 6.05.
Final month, the financial institution’s Asset Legal responsibility Administration Committee (ALCO) reviewed the benchmark charges and determined to upwardly revise the 3-month and 1-year MCLR (Marginal Price of Funds-based Lending Price) tenors. MCLR is the minimal fee under which a lender isn’t allowed to lend.
It has raised the 3-month MCLR to eight.5 per cent and 1-year MCLR to eight.9 per cent.
As of March 2024, the federal government held a 95.39 per cent stake within the PSU financial institution.
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