This PSU bank stock has jumped 142% in past 1 month, do you own?

UCO Bank Share Price Target: Shares of State-owned lender UCO Bank, NSE: UCOBANK, settled 2.53 per cent higher at Rs 35.50 on NSE today, December 16. Barring UCO Bank, all the Nifty PSU Bank index components ended in red today, tracking the weakness in the domestic equity market. The remaining 11 other PSBs including State Bank of India, Punjab National Bank, Bank of Baroda and Canara Bank ended with 6 to 1 per cent cuts today.

UCO Bank has yielded a multibagger return in the past one month, zooming a whopping 142 per cent. In the last 5 sessions, the scrip has rallied more than 60 per cent, resulting in wealth gain for investors. On a year-to-date (YTD) basis, it has ascended 176 per cent.

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According to Zee Business panellis and market expert, Sumeet Bagadia, UCO Bank on the chart has given a breakout after a long time. "The weekly and monthly charts are showing strong momentum," he said while suggesting existing shareholders holding the positions. The short-term target, he said, would be Rs 40.

A total of 27,79,35,587 shares changed hands today, according to data on NSE.

Notably, UCO Bank recently revised its rating of bonds. "We inform you that Acute Rating and Research Limited has upgraded its rating on Bank’s BASEL III Tier II Bond of the Bank" the bank said in a regulatory filing.

At current levels, the stock has a market cap of Rs 42.20 thousand crore. Its 52-week range is Rs 38.15 - Rs 10.55. 

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