MARKET EYE-BoA-ML names Union Bank top Indian govt lender
* 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. (firstname.lastname@example.org)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Indian generic drugmaker Ranbaxy Laboratories Ltd reported a wider loss in the December quarter, hurt by foreign exchange losses and higher finance costs. Full Article