Buy UCO Bank With Target Of Rs 140, Technical analyst SP Tulsian has maintained ‘buy’ rating on UCO Bank Limited with a target of Rs 135-140. The analyst said that the said target can be achieved in a period of 35-40 trading sessions. Today, the stock of the company opened at Rs 118 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 152.35 and a low of Rs 54.10 on BSE.
UCO Bank is eyeing to sell a few of its stressed assets as part of its attempts to augment the quality of its assets.
Mr. Arun Kaul, Chairman and Managing Director of UCO Bank stated, “We are looking to sell Rs 280 crore of stressed assets. Within the next 10-15 days, we should be able to finalise one deal. We will sell more of these stressed assets so that we can reduce the portfolio.”
UCO Bank eyes to sell around one more portion in the coming time.
Mr. Kaul stated that the banking institution bank is aiming to cut down gross NPAs below 2% during the existing financial year.
During the second quarter, a huge amount of the NPAs came from the agriculture waiver and debt relief plan.
Moreover, the bank has produced a separate recovery vertical, which will focus mainly on revival of bad loans.
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