Union Bank gains on impressive business plan

DALAL STREET SPIKES

Impressive business plans for financial year 2005 spurted Union Bank of India in today's trading. The stock gained 5.85 per cent to close at Rs 78.75 backed by huge volumes of over 31.77 lakh shares at the BSE. The stock in the intra-day touched a high of Rs 79.60.

In the afternoon trades on Wednesday, the state-run bank announced that in the coming year the bank has targeted a business mix of Rs 1,00,000 crore with approximately 14 per cent increase in deposits and 27 per cent increase in advances with a judicial mix of growth in retail and other segments.

The bank has also planned an incremental credit deposit ratio of 100 per cent. Of late the stock of Union Bank has been on a sustained uptrend. From its recent low of Rs 44.30 on 24 March 2004, the stock of Union Bank has now risen 77 per cent till the current levels of Rs 78.50 on sustained buying from all section of the market in anticipation of impressive quarterly performance.