Sensex Ends 164 Points Lower; Bajaj Finserv And Shree Cement Among Top Nifty Losers

The raising of equity capital will be through one or more routes, including follow-on public offer, rights issue, private placement including qualified institutions placement, and preferential allotment to the government of India and/or other institutions, as per the filing.

The bank will be obtaining shareholders' approval for the capital plan at the 19th annual general meeting (AGM) on 10 August 2021.

In the last month, the Union Bank of India posted a standalone net profit of Rs 13.3 bn for the quarter ended March 2021.

The state-run lender reported a loss of Rs 25 bn in the same period of the previous fiscal.

The bank saw its asset quality improvement, with gross non-performing assets (NPAs) declined to 13.7% of the gross advances as of 31 March 2021, against 14.2% in the last year.

Union Bank of India is one of the largest Indian government-owned banks. It is under the ownership of the Ministry of Finance, with more than 120 m customers and a total business of US$106 bn.

Union Bank of India's share price ended the day up by 0.4% on the BSE.

Speaking of public sector undertakings (PSU), have a look at the chart below which shows the performance of the BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in the BSE-PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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