Union Bank crashes on profit booking

DALAL STREET SPIKES

Union Bank of India crashed 6.66 per cent on profit booking in spite of the bank recorded impressive March 2004 results. The stock, after hitting a high of Rs 89.90, closed at Rs 82.65 on the BSE on Wednesday with the volume accounting for more than 52.75 lakh shares.

Market analysts said the counter witnessed profit booking as there was a rally in the last one month. The stock, in the last one month, has gained over 100 per cent from Rs 44 on March 24 to Wednesday's close of Rs 82.65.

For the quarter ended March 31, 2004, Union Bank reported a 17 per cent growth in net profit at Rs 236.26 crore as against Rs 201.84 crore in the same quarter last year.

However, the total income fell by 3 per cent to Rs 1,441.09 crore as against Rs 1,484.38 crore during the same period. Other income for the quarter also dropped by 19 per cent to Rs 336.72 crore.