Union Bank gains on block deal

DALAL STREET SPIKES

The stock gained 6.5 per cent to close at Rs 138.6, after touching an intra-day high of Rs 140. Over 9.4 lakh shares were traded on BSE.

The stock has appreciated 8.9 per cent in the past week and 19 per cent in the last month. The recent rally has been on the back of strong buying.

On Thursday, the counter witnessed a block deal. Moreover, investors' appetite for bank stocks has been increasing in the past few days.

The bank proposes to add 100 new branches to its existing 2,090 branches in the country, by the end of the current financial year.

Apart from new branches in northern India, it may open new branches in Doha and Hong Kong. It also plans representative offices in Dubai and Shanghai.