Uco Bank shares are trading at Rs.29. This PSU is planning to come to IPO market once again with a premium of Rs.50 plus. The Ipo is delaying because of poor market conditions. But the scrip is getting strong support level from Mutual Funds and Financial Institutions whenever it fell immediately these Institutions starts picking up the stock. Uco bank is having Equity share capital of 799.36 cr. The first support level of this stock will be at Rs.26(as we are expecting that it will come down to Rs.26 level if the markets continuously fall like this way, and another level support level will be at Rs.22 if it fell once from Rs.26).
The bank is saying that it will come to follow on public offer in the last quarter of this fiscal it means it will come to public issue before the March'09. The bank has posted moderate results for the 1st quarter. With this IPO the government share will come down from 76 percent to 54 percent.
If anyone is looking for longterm picks for 50% to 100 % capital appreciation can enter into Uco Bank at above levels. (thebullishtrends)
