Union Bank dips 5% despite Q1 net rise

The stock slipped to a low of Rs 233 and ended at Rs 234, down 5% today. Heavy volumes of 658,518 shares were clocked on the BSE as compared to the two-week daily average traded volumes of 248,533 shares.
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(Updated at 1215hrs)

Union Bank of India has slipped despite Q1 net rise.

The stock opened at Rs 252 but slipped into red soon after. It touched a low of Rs 235, down nearly 7% from teh day's high. It is now trading at Rs 237, down 4%. Around 306,847 shares have been traded so far on the BSE.

According to a release issued by the bank to the BSE, the net profit has increased 94% to Rs 442.19 crore in the quarter ended June 30, 2009 from Rs 228.29 crore in the corresponding quarter the previous fiscal.

 

Total income is up 34% at Rs 3,704 crore in Q1FY10 from Rs 2,754.88 crore in Q1FY09.