MARKET EYE-BoA-ML names Union Bank top Indian govt lender

Mon Nov 5, 2012 1:29pm IST

Related Topics

Stocks

   

* Bank of America-Merrill Lynch upgrades Union Bank of India
 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 1.4 percent at 220.00 rupees as of 0758
GMT after surging 15.7 percent over the previous three sessions.
  

 (manoj.dharra@thomsonreuters.com)
FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

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