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Business News/ Markets / Stock Markets/  UCO Bank share price surges over 7% on new MD, CEO appointment; check details

UCO Bank share price surged over 7% on Thursday's intraday session following the appointment of Ashwani Kumar as Managing Director (MD) and Chief Executive Director (CEO) for three years beginning June 1. UCO Bank shares opened at the day's intraday low of 26.21 apiece on the BSE.

The stock prices had been trading in a range for the past couple of weeks, but today, with the news of the appointment of a new MD and CEO, as well as the completion of Soma Sankara Prasad's tenure, UCO Bank shares saw strong positive momentum, breaking through the earlier congestion zone.

"Strong volumes as well seen indicating further up move possible towards 29.5 in the near term, and 26.5 is immediate support," advised an analyst.

According to the bank's exchange filing, Ashwani Kumar has taken over as MD and CEO of UCO Bank for the next three years, succeeding Soma Sankara Prasad.

The public sector lender, reported robust year-on-year earnings growth for the fourth quarter of FY23. The bank's profit after tax (PAT) was 581.24 crore in Q4FY23, up 86.19% from 312.18 crore in the same period last year. Net interest income (NII) increased by 19.34% to 1,972.11 crore in the quarter, compared to 1,652.38 crore in Q4 of FY22.

The board members approved the issuing of up to 200 crore equity shares with a face value of 10 apiece at an appropriate premium in order to raise 2,000 crore in equity capital in fiscal year FY24.

Also Read: UCO Bank registers 86% growth in Q4 PAT to 581 cr, board approves fundraising of 2,000 cr

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Updated: 01 Jun 2023, 02:18 PM IST
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