BofA-ML names Union Bank top govt lender

Mon Nov 5, 2012 1:58pm IST

A cashier (L) counts currency notes as customers wait inside a bank in Hyderabad March 22, 2010. REUTERS/Krishnendu Halder/Files

A cashier (L) counts currency notes as customers wait inside a bank in Hyderabad March 22, 2010.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

Stocks

   
Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

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.

FILED UNDER:

REUTERS SHOWCASE

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year  Full Article 

OPEC Meeting

OPEC Meeting

Gulf states seek to block OPEC oil output cut.  Read 

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Full Article | Related Story 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Banking Sector

Banking Sector

RBI releases final rules for niche bank licensing  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage