Investment Idea : UCO BANK by stock market expert

I'm glad to share one more excellent investment stock idea: UCO BANK with you people.
It's PSU bank which has excellent track record. It has announced it's 3rd quarter results for FY10. Profit went up 42.74%, net interest income increased almost 40%, Deposits grew almost 20% in this quarter.

UCO BANK is one for the best performing PSU BANK and also its candidate for acquisition by bigger PSU banks. For now there's no such announcement from government but this is well known rumors in the market about small PSU banks.

After its excellent performance in this quarter stock has touched it's 52 week high for Rs. 66. Currently stock is trading around 59 Rs. I strongly believe that in the next upmove it will by pass it's 52 week high.

Other Factors:

- UCO BANK has planned for FPO to raise around 400-500 crore from the market by March END.

- If we calculate no. equity shares UCO Bank is likely to divest and the amount it's going to raise PRICE for IPO Comes between Rs 66- Rs 82.

- Technically stock is showing really good support around 56-58 Rs.

I recommend to buy UCO BANK with short term target of 66 Rs. which is more that 10% gain from current levels and long term target of Rs. 76-80. You'll see stock at higher levels by April-May'10.

Happy Investing!!

Disclaimer: I have investment in UCO BANK. Please take your own call before investing in the stock.