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S&P affirms negative outlook on India, says chances of downgrade remain
Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chance of a ratings downgrade over the next 12 months, a statement said on Friday. Full Article
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BofA-ML names Union Bank top govt lender
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A cashier (L) counts currency notes as customers wait inside a bank in Hyderabad March 22, 2010.
Credit: Reuters/Krishnendu Halder/Files
Reuters Market Eye - Bank of America-Merrill Lynch upgrades Union Bank of India (UNBK.NS) to 'buy' from 'underperform' after the state-run lender reported a surge in July-September earnings on Friday.
BoA-ML says "asset quality was far better than expected," and adds: "We believe the worst is behind us."
The investment bank calls Union Bank its top pick among government-run banks, says earnings to improve on the back of lower credit costs, while margins are showing signs of stability.
BoA-ML also raises its price objective on the stock to 270 rupees from 175 rupees.
Union Bank shares down 1 percent at 220.86 rupees as of 1:56 p.m. after surging 15.7 percent over the previous three sessions.
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