Page 2 - Union Bank

Adani Ports, Piramal Pharma: Six must-have stocks to beat the markets

FY26, Kotak Institutional Equites believes, will likely see more broadbased growth across sectors. It has highlighted 6 stocks as high conviction ideas for an investor's portfolio

Union Bank's credit to grow at lower end of guidance band: MD & CEO

RBI's liquidity infusion to reduce fund costs

Union Bank Q3 results: Net profit up 28.24% on non-interest income boost

The bank, in a late-night statement, said its net interest income (NII) grew marginally by 0.79 per cent Y-o-Y to Rs 9,240 crore in Q3FY25, compared to Rs 9,168 crore in the same quarter of last year

Budget 2025: IESA asks govt to tax all new tech batteries at 5% GST

India Energy Storage Alliance on Wednesday said batteries, irrespective of technology type, must be uniformly taxed at 5 per cent GST like electric vehicles to support the emerging sector. Ahead of the Union Budget, India Energy Storage Alliance (IESA) President Debi Prasad Dash told PTI that the government may consider protecting domestic cells and battery component manufacturers in the wake of an increase in imports of lithium-ion cells, which has risen to Rs 24,000 crore in FY24 from Rs 18,000 crore in FY23, especially from China. There is a disparity in the tax structure of batteries, he said, adding GST for lithium-ion batteries is 18 per cent, but other chemistries, like lead acid, sodium, and flow batteries and others, are at 28 per cent. On the other hand, for electric vehicles, the GST is 5 per cent. "So, as an industry, we need support to this emerging sector, and all new technologies must be taxed at 5 per cent, and there should not be any difference between different ...

Union Bank of India slips 7% after reporting Q3 update; here's why

In its Q3 update released, Union Bank of India announced a 2.04 per cent decline in Q-o-Q total deposits (global) to Rs 12,16,562 crore as compared to Rs 12,41,947 crore in the September quarter

Union Bank of India to take call on raising Rs 10K crore next quarter

Retains loan growth guidance of 11-13% despite slow capex

Sluggish capex, war on pricing dragged loan growth in Q2: Union Bank CEO

Sluggish capex demand from corporates and a 'war on pricing' in the market to sign up big borrowers brought down the targeted credit growth in the September quarter, Union Bank of India chief executive and managing director A Manimekhalai said on Tuesday. She said the state-owned lender had to stay away from many of the lending proposals because of such factors, due to which the corporate loan growth has slipped to 6.3 per cent, pulling down the overall loan growth to 9.6 per cent against the over 13 per cent for the system. The bank is targeting a loan growth of 11-13 per cent during the fiscal. Speaking to reporters, the MD and CEO said the bank had envisaged a pick-up in private capex, but the same did not turn up, leading to a muted growth in overall corporate advances. "We have let go lot many accounts for the interest rate reasons that we were not able to grow the book. Going forward, we hope the capex cycle revives. "The capex has not revived. It's just that the basket, whi

Union Bank Q2 FY25 results: Net up 34.4% on non-interest income boost

Its net interest income (NII) shrank by 0.87 per cent Y-o-Y to Rs 9,047 crore in Q2 FY25 compared to Rs 9,126 crore in the same quarter a year ago

Union Bank of India becomes 1st major bank to become signatory of PCAF

Union Bank of India on Monday announced its decision to become a signatory to the Partnership for Carbon Accounting Financials (PCAF). This step aligns with the growing global emphasis on climate risk management and the recent draft guidelines issued by the Reserve Bank of India (RBI) on climate risk disclosures. PCAF is a global partnership of financial institutions working to develop and implement a harmonized approach to assess and disclose greenhouse gas emissions associated with loans and investments, Union Bank said in a statement. By joining PCAF, Union Bank of India demonstrates its commitment to measuring and managing its financed emissions, a crucial aspect of climate risk management for banks, it said. "Financed emissions, often referred to as Scope 3 emissions, represent the indirect emissions that result from a Bank's lending and investment activities. These emissions can significantly outweigh a Bank's operational emissions and pose substantial risks to its portfolio

Union Bank freezes accounts of telecom firm MTNL over non-payment of dues

Union Bank of India has frozen all accounts of state-run telecom company MTNL for non-payment of dues, a regulatory filing said on Wednesday. Union Bank of India informed the company on August 21 about freezing of all its accounts over non-payment of loans, debt-ridden MTNL said. "This is to inform you that Union Bank of India vide its Letter... dated August 21, 2024 has informed MTNL that its account has slipped to NPA with effect from August 12, 2024 due to which all accounts of MTNL with Union Bank of India have been freezed automatically," MTNL said. Earlier this month, MTNL informed stock exchanges that it has defaulted on bank loan payments worth Rs 422.05 crore. According to the details shared by MTNL, it has defaulted on the payment of Rs 155.76 crore on debt raised from Union Bank of India, Rs 140.37 crore from State Bank of India, Rs 40.33 crore from Bank of India, Rs 40.01 crore from Punjab & Sind Bank, Rs 41.54 crore from Punjab National Bank, and Rs 4.04 crore from ...

Union Bank invites EoIs to sell Rs 2,316 crore NPAs across 45 accounts

Some of the accounts in the list include those which went unsold in an auction in June

Union Bank Q1 results: Net profit up 13.7% on healthy growth in fee income

Gross advances increased by 11.46 per cent year-on-year and total deposits grew by 8.52 per cent year-on-year. The total business as of June 30 was Rs 21.36 trillion

Shares of Union Bank, Indian Bank, and BoI jump up to 5%: here's why

On an index level, Nifty PSU Bank was the top sectoral performer of the day on NSE jumping 2 per cent at 7,207 levels in intraday trade

Govt warns against fake banking app targeting Union Bank account holders

'Union-Rewards.apk', pretending to be the legitimate app of Union Bank, lures account holders with promises of rewards

Union Bank raises Rs 42,000 cr from DIFC to fund overseas business growth

State-owned Union Bank of India on Wednesday said it has raised USD 500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth. The fund was arranged by Dubai International Financial Centre (DIFC), Dubai Branch, Union Bank of India said in a regulatory filing. A syndicated term loan of USD 500 million (USD 400 million and Green Shoe of USD 100 million) would be drawn in two tranches with tenure of 3 and 5 years. The first tranche of USD 100 million was drawn on Wednesday, it said. This is the maiden syndicated term loan raised by Union Bank of India at an overseas centre, it added.

SBI, BoI, IOB: 5 PSU bank stocks that look good on the technical charts

Even as the charts suggests that the Nifty PSU Bank index may exhibit some volatility in the near-term, select shares can potentially rally up to 13 per cent from current levels.

Union Bank plans to raise Rs 3,000 cr, fixes floor price at Rs 142/share

State-owned Union Bank of India on Tuesday approved a Rs 3,000 crore share sale proposal to fund its business growth. The Committee of Directors for Raising Capital Funds, in its meeting held on Tuesday, cleared the proposal for raising of funds for an amount not exceeding Rs 3,000 crore through the issue of equity shares via Qualified Institutions Placement (QIP), the bank said in a regulatory filing. This is subject to the requisite regulatory or statutory approvals, it said. The committee also approved the floor price of Rs 142.78 per equity share for the issue, it said. The bank may offer a discount of not more than 5 per cent on the floor price to be decided in consultation with the book-running lead managers, it added. The decision for allotment of shares to Qualified Institutional Buyers to be taken on February 23, 2024, by the Committee of Directors for Raising Capital Funds, it added.

Nifty50 may see one change, Next50 seven in March rejig, shows data

The cutoff date for calculating the changes to various Nifty indices is January 31. The index provider typically announces the outcome of the rebalancing exercise during the second half of February

NCLAT rejects UBI's plea to oppose Darwin Platform's bid for Lavasa Corp

The National Company Law Appellate Tribunal on Wednesday dismissed the plea of Union Bank of India to challenge the Darwin Platform Group's bid for Lavasa Corporation. Union Bank of India (UBI) had challenged the July 21, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT), which approved the resolution plan of Darwin Platform Infrastructure Ltd for Lavasa Corporation that was developing a private hill city in the Pune district. The public sector lender contended for maximisation of the assets and submitted if a fresh process and fresh valuation were done, Lavasa Corporation would achieve more value. According to the reports, Darwin Group's bid for Lavasa was for Rs 1,814 crore. The National Company Law Appellate Tribunal (NCLAT) observed that UBI itself was a member of the CoC and also approved the plan as part of the assenting Financial Creditors who approved the Resolution Plan by 96.41 per cent vote share. After approval of the Resolution Plan by the NC

PNB hikes MCLR, Union Bank withdraws festive discount on vehicle loans

A PNB executive said there is intense competition for mobilising resources for which banks have and are raising deposit rates, increasing the cost of funds