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A set of operators has recently began market-making in the UCO Bank. Market insiders say that a group of Mumbai and Kolkata punters has started picking up the stock at the current levels of Rs 23/Rs 24, betting on it fundamentals. The stock finished in the green at Rs 23.10 with a trading quantity of 1.81 lakh shares on the BSE.

Apart from improvement in profitability, reduction in gross NPA and recent measures to cut net NPA further through a collaborative effort with Crisil have attracted bargain hunters attention.

Its net NPA had risen from 2.10 per cent to 2.14 per cent in 2006-07 owing to default in small ticket loans. The gross NPA target for the current year is 1.70 per cent. The bank has started the process of establishing a centralised processing centre for disbursing small ticket loans. Crisil is assisting the bank in setting benchmarks and also automating the system to a rule-based lending platform. The centre is to be ready, according a senior company official, in the next 3 months.

Jayanta Mallick

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