The Hindu Business Line : Union Bank stock returns 124 pc

UNION Bank of India acquired number one position in terms of returns to investors in the banking stocks in 2004-05 by giving them a reward of 124 per cent followed by UTI Bank (62 per cent) and HDFC Bank (45 per cent), an Associated Chamber of Commerce and Industry of India Eco Pulse (AEP) study has revealed.

Interestingly, the study of the top 10 banking stocks indicated that while the overall returns nose-dived from 146 per cent last year to 29 per cent in 2004-05, the rewards were reasonably good. The sharp rise in returns from 25 per cent in 2002-03 to 146 per cent in 2003-04 could not be sustained in 2004-05 because of a very high base. "While we saw a drop in the returns in the banking sector during 2004-05, the banks continue to enjoy good investor perception in the marketplace," said Mr Mahendra K. Sanghi, Assocham President.

Oriental Bank of Commerce, which was the best performer giving an impressive 390 per cent returns in 2003-04, has slipped to number nine position with just 4 per cent return in the year under review of the study.

Likewise, Punjab National Bank, which had given handsome returns of 240 per cent and was among the best three performers in 2003-04, slipped to seventh position with 19 per cent returns.

State Bank of India, country's largest bank, has also gone down in its ranking from seventh to eighth with a sharp decline in returns from 128.09 per cent to 11 per cent.

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