Union Bank shares jump 7%, hit 52-week high as PSU bank announces Q3 results. Key details

Shares of Union Bank of India Ltd rose sharply in Saturday's special trade to hit their one-year high level after the lender reported a rise in third-quarter net profit (Q3 FY24). The stock jumped 6.72 per cent to hit a 52-week high of Rs 145.25.

Q3 FY24 profit of Union Bank came at Rs 3,590 crore, up 59.91 per cent from Rs 2,245 crore in the year-ago period. Gross non-performing asset (NPA) for the quarter under review stood at 4.83 per cent.

Interest earned during the December 2023 quarter was at Rs 25,363 crore. The bank's provisions and contingencies came at Rs 1,748 crore in Q3 FY24 as against Rs 3,036 crore in the corresponding period last year.

On BSE, around 21.98 lakh shares were seen changing hands. The figure was higher than the two-week average volume of 17.47 lakh shares. Turnover on the counter stood at Rs 30.99 crore, commanding a market capitalisation (m-cap) of Rs 1,05,405.01 crore.

There were 8,91,888 buy orders against sell orders of 2,78,138 shares.

The stock was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 76.79. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 8.57 against a price-to-book (P/B) value of 1.12. Union Bank has a one-year beta of 0.7, indicating low volatility on the counter.

As of December 2023, promoters held 76.99 per cent stake in the PSU bank.

Meanwhile, Indian equity benchmarks were open today in a special but full-fledged trading session. "January 22 has been declared as a public holiday for stock markets by the Maharashtra government owing to the consecration of the Ram temple in Ayodhya and a full-fledged trading session will be held on January 20," NSE informed late on Friday.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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