Union Bank of India Share Price – NSE /  BSE

Banks, Mid Cap

Union Bank of India is up for a third straight session in a row. The stock is quoting at Rs 118.23, up 1.98% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.09% on the day, quoting at 24444.3. The Sensex is at 80286.14, down 0.1%. Union Bank of India has dropped around 2.98% in last one month.

Meanwhile, Nifty PSU Bank index of which Union Bank of India is a constituent, has dropped around 0.41% in last one month and is currently quoting at 6758.95, up 0.46% on the day. The volume in the stock stood at 57.73 lakh shares today, compared to the daily average of 96.65 lakh shares in last one month.

The PE of the stock is 5.78 based on TTM earnings ending September 24.

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The key equity indices traded with moderate losses in mid-morning trade. The Nifty traded below the 24,700 level. PSU bank shares extended losses for second consecutive trading session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, declined 245.69 points or 0.30% to 80,905.58. The Nifty 50 index fell 88.65 points or 0.36% to 24,692.45.

In the broader market, the S&P BSE Mid-Cap index dropped 1.24% and the S&P BSE Small-Cap index tumbled 2.17%.

The market breadth was weak. On the BSE, 770 shares rose and 2,994 shares fell. A total of 104 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Deepak Builders & Engineers India received bids for 5,77,59,133 shares as against 89,67,061 shares on offer, according to stock exchange data at 11:18 IST on Tuesday (22 October 2024). The issue was subscribed 6.44 times.

The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 192 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The initial public offer (IPO) of Waaree Energies received bids for 10,45,57,221 shares as against 2,10,79,384 shares on offer, according to stock exchange data at 11:18 IST on Tuesday (22 October 2024). The issue was subscribed 4.96 times.

The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 1,427 to Rs 1,503 per share. An investor can bid for a minimum of 9 equity shares and in multiples thereof.

Buzzing Index:

Nifty PSU Bank index declined 1.79% to Rs 6,481.55. The index fell 2.84% in two consecutive trading sessions.

Indian Overseas Bank (down 3.78%), Central Bank of India (down 3.74%), Punjab & Sind Bank (down 3.43%), UCO Bank (down 3.41%) and Bank of Maharashtra (down 3.24%) were the top losers. Among the other losers were Bank of India (down 3.07%), Punjab National Bank (down 2.93%), Bank of Baroda (down 2.07%), Canara Bank (down 2%) and Indian Bank (down 1.9%) declined.

Stock in Spotlight:

Union Bank of India fell 1.07%. The company’s standalone net profit jumped 34.41% to Rs 4,719.74 crore on 13.27% increase in total income to Rs 32036.46 crore in Q2 FY25 over Q2 FY24.

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Net interest income (NII) of the bank decrease marginally Rs 9,047 crore in Q2 FY25 as against Rs 9,126 crore in Q2 FY24. Net interest margin (NIM) for Q2 FY25 was 2.90% as against 3.18% in Q2 FY24.

Operating profit improved by 12.35% to Rs 8,113 crore in Q2 FY25 from Rs 7,221 crore in Q2 FY24.

Total provisions stood at Rs 3,393 crore in Q2 FY25, down 8.52% YoY and up 17.36% QoQ.

Gross NPA of the bank amounted to Rs 40,499 crore as on 30 September 2024 as against Rs 54,012 crore as on 30 September 2024. Gross NPA ratio reduced by 202 basis points (bps) on YoY basis to 4.36% and net NPA ratio reduced by 32 bps on YoY basis to 0.98% as on 30 September 2024.

Deposits of the bank increased by 9.17% YoY to Rs 12,41,947 crore while global advances rose by 9.63% YoY to Rs 9,28,832 crore as on 30 September 2024.

The bank’s return on assets & return on equity stood at 1.35% and 19.10%, respectively, during Q2 FY25.

CRAR improved from 16.69 % as on 30 September 2023 to 17.13% as on 30 September 2024. CET-1 ratio improved to 13.88% as on 30 September 2024 from 13.05% as on 30 September 2023.

Union Bank of India is engaged in the business of treasury operations, corporate and wholesale banking, retail banking operations and other banking operations. The Government of India held 74.76% stake in the bank. As on 30 June 2024, the bank has 8,473 branches including foreign branches and 9,342 ATMs.

Shares of Union Bank of India shed 0.85% to Rs 110.70 on the BSE.

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Net profit of Union Bank of India rose 33.01% to Rs 4750.93 crore in the quarter ended September 2024 as against Rs 3571.80 crore during the previous quarter ended September 2023. Total Operating Income rose 8.71% to Rs 26886.58 crore in the quarter ended September 2024 as against Rs 24731.59 crore during the previous quarter ended September 2023.

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