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Bank Nifty touched the 44 thousand level at the beginning of the day’s trade. Whereas Nifty Bank has given a return of only 4.72 percent in the last one month and public sector bank UCO Bank has given strong returns to its investors. A banking stock doubled investors’ money in just one month. During this period the share went from Rs 14.80 to Rs 34.50. So till this afternoon it has increased by more than 17 percent.
Expert advice
UCO Bank’s recent trend is bullish on the weekly chart and the stock is currently at a 52-week high. Hence, as long as it remains above the key support of 22 levels, according to experts, investors should ‘hold’ the stock. UCO Bank shares have the potential to rise to 36 and then 44 levels in the near term.
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Also talking about the history of UCO Bank share, the bank share has bounced more than 48 percent in the last five days. The stock opened at Rs 30.60 and touched a 52-week high of Rs 34.50 during today’s trading day. Seven other public sector banks such as Central Bank of India, Indian Overseas Bank, Bank of Maharashtra, Punjab and Sindh Bank, Union Bank, Bank of India and Punjab National Bank hit a one-year high on Tuesday and the sub-index Nifty Bank rose 3.81 percent.
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Double of one lakh in 6 months
In the last six months, UCO Bank has returned over 207 percent while the bank’s stock has risen from Rs 11.05 to Rs 32.50 during this period. That means if an investor had invested Rs 1 lakh in it six months ago, his Rs 1 lakh would have been 2 lakh 70 thousand. Meanwhile, the stock’s 52-week low is Rs 10.55. While UCO Bank has returned 157 per cent this year so far, it has returned only 15 per cent in the last five years.
What causes the stock boom?
The bank’s results for the September quarter have been very good. Net interest income increased by 10.76 percent to Rs 1769.60 crore as compared to Rs 1597.72 crore in the same quarter last year. Odds are that the stock, which has returned more than 180 percent in the last six months, has very little analyst coverage.
