Finance Update

UCO Bank surges 5% after Iran oil payment right grants Rs 14,000 crore bonanza

Last Updated : Mar 27, 2019 01:10 PM IST | Source: Moneycontrol.com

Shares of UCO Bank gained 5 percent intraday on March 27 after a report said that the special payment mechanism for importing crude oil from Iran granted the state-run bank Rs 13,000-14,000 crore windfall.

According to a report in The Economic Times, the bank will use the free-floating funds to boost income.

UCO Bank has reported losses in 13 consecutive quarters and has also recently lost the exclusive right as the designated payment bank for Iran oil imports. IDBI Bank now enjoys a similar status.

At 1236 hours, UCO Bank was quoting Rs 19.25, up 4.90 percent on the BSE.

Source

Prakash Poojary
Business Analyst

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