Long Term Buy Call For UCO Bank

Long Term Buy Call For UCO BankTechnical Analyst Dilip Bhatt of Prabhudas Lilladher has maintained 'buy' rating on UCO Bank stock with long term target between Rs 110-120.

According to Mr. Bhatt, the investors can achieve the said target in period of 12 months.

Today, the stock of the bank opened at Rs 77.15 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 76.40 and a low of Rs 37.90 on BSE.

According to reports, UCO Bank has put its plan to make entry in Dubai on hold.

The bank took this decision owing to worldwide slump and of the economic crisis in UAE.

UCO Bank was planning to foray into Dubai to swell its global footprint. It projected a JV with a Dubai partner to provide financial activities at a revenue-sharing ratio of 50:50.

The bank owns 4 overseas divisions in Singapore and Hong Kong and also one representative office in China and Malaysia.

UCO Bank has registered an increase of 3.70 times in its net profit for the three month period ended March 31, 2010.

The bank's quarterly net profit stood at Rs 3,798 million for the said quarter as against Rs 1,025.60 million in the same period of last year.

The company's total income rose 6.72% to Rs 26,900 over the prior year period.

Bank's Chairman and Director, Mr. S. K. Goel announced that UCO Bank has managed to produce such a good show on the back of aggressive shedding of high-cost deposits and surge in yield on advancements.