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UCO Bank board approves preference shares issue to govt

Capital Market 

The board of UCO Bank on Wednesday (7 April 2021), approved raising Rs 2600 crore through issue of equity shares on preferential basis to Government of India (GoI).

On the technical front, the stock's RSI (relative strength index) stood at 36.227. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day moving average (DMA) and 200-day moving average (DMA), both placed at 13.02.

UCO Bank is a commercial bank. Its segments include treasury, corporate/wholesale banking, retail banking and other banking operations. It offers personal banking, corporate banking, international banking and rural banking services.

As of 31 December 2021, the Government of India held 94.44% stake in the bank.

Shares of UCO Bank rose 0.53% to Rs 11.43 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 08 2021. 09:28 IST