According to the CBI, a written complaint dated August 1 stated that a Santacruz resident, who owns a wholesale readymade clothing business, applied for a Rs25 lakh loan from Union Bank of India’s Juhu-Santacruz Branch.

Mumbai: CBI Books Bank Manager In Graft Case

Apart from SBI and Canara Bank, lenders to the company include Union Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Punjab National Bank and Bank of Maharashtra.

Vedanta gets clearance from 75% secured lenders for demerger

PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.

Nifty PSU Bank index surges 3%; PNB soars 7% on strong Q1 results

High Court of Karnataka orders State government to transfer financial scam investigation to CBI, UBI files petition citing RBI mandate.

Karnataka High Court notice to State govt on Union Bank of India’s plea for transfer of Maharshi Valmiki Corporation’s multi-crore scam probe to CBI

The Karnataka High Court has ordered the transfer of a financial irregularity probe from a state SIT to the CBI. The case involves alleged embezzlement of funds from a state-run corporation. The Union Bank of India officials are under investigation, with the Minister resigning and facing arrest.

High Court orders issue of notice to Karnataka government on petition to transfer Valmiki scam case to CBI

Indian lenders such as HDFC Bank, Kotak Mahindra Bank, RBL Bank, and Union Bank of India are experiencing a decline in asset quality, with increases in fresh slippages and gross NPAs. Factors like a heatwave, elections, and seasonal issues are contributing to the challenges faced by these financial institutions.

Polls, heatwave hit loan collections in Q1, asset quality declines

So, going forward also, we will continue to have a retail growth, retail deposits to a large extent and also a focus on the CASA.Bulk deposits or wherever the high cost deposits, we will be taking it whenever we require good assets on that.

We will continue to focus on retail growth, deposits and CASA: Shri Ramasubramanian S, Union Bank of India

Union Bank of India added 1.47% to Rs 137.60 after the bank reported 13.68% rise in net profit to Rs 3,679 crore in Q1 FY25 as against a PAT of Rs 3,236 crore posted in Q1 FY24.

Spotlight

Union Bank of India edges higher after Q1 PAT rises nearly 14% YoY; NIM at 3.05%

Union Bank of India, incorporated in the year 1919, is a banking company (having a market cap of Rs 103549.86 Crore).

Buy Union Bank of India, target price Rs 165: Motilal Oswal

Total Operating Income rise 12.34% to Rs 26526.92 crore

Earnings

Union Bank of India consolidated net profit rises 11.31% in the June 2024 quarter

Reliance Industries, Wipro, JSW Steel, BPCL, JSW Energy, Union Bank of India, ICICI Lombard GIC, Indian Hotels, Patanjali Foods, Paytm and more will announce their quarterly results on Friday, July 19.

Stocks in new: RIL, Infosys, TCS, Paytm, Vodafone Idea, Dr Reddy’s, TechM and Tata Tech

Hasn't fared well - amongst the low performers

Performance

Undervalued compared to the market average

Valuation

Lagging behind the market in financials growth

Growth

Showing good signs of profitability & efficiency

Profitability

The stock is underpriced and is not in the overbought zone

Current price is less than the intrinsic value

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

Union Bank of India is engaged in providing banking and financial services. The Bank offers products and services in three categories: Deposits, Loans and Advances, and Remittances and Collections.