Union Bank funds raising plans to keep banking scrips in focus
DSIJ Intelligence / 24 Oct 2016
The results season is on in full swing and is the only means which is going to drive the markets. However if you think that is the only reason for market to cheer then you may be wrong.
The results season is on in full swing and is the only means which is going to drive the markets. However if you think that is the only reason for market to cheer then you may be wrong. Union Bank of India has informed BSE that a meeting of the bank's committee of directors for raising of capital funds is scheduled to be held on October 26, 2016, to consider inter alia raising of capital funds through various means. This is quite a positive news for the markets and is bound to keep the banking scrips ticking throughout the day on October 24.
The shares of Union Bank which closed marginal down on October 21 are expected to open in green. The scrips have rallied over 13 per cent in the last three months. However, as compared to last one year, the shares of the bank have fallen by 14 per cent. Fifty-two-week High/Low of the scrip stands at Rs 173.90/104.05.
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