About Union Bank of India
Union Bank of India (NSE: UNIONBANK) operates as a public sector bank that offers consumer and business banking services. It provides retail and commercial banking solutions. The company was founded in 1919 and is based in Mumbai, India.
Latest Union Bank of India News
Feb 21, 2024
Trends in the GIFT Nifty indicate a flat start for the broader index in India, with a loss of 15 points or 0.07 percent. Market Today The benchmark Sensex and Nifty indices are likely to open on a flat note on February as trends in the GIFT Nifty indicate a muted start for the broader index with a loss of 15 points. Domestic benchmark indices logged their sixth straight day of gains on February 20, with one of them reaching fresh record highs. Banks and financial services saw heavy buying, lifting the benchmarks. Story continues below Advertisement The 30-share flagship Sensex settled 349.24 points or 0.48 percent higher at 73,057.40 and Nifty added 74.70 points to rise 0.34 percent to 22,196.95. Broader markets, however, saw some profit-booking as the Nifty Midcap 100 and the Nifty Smallcap 100 indices slipped up to 0.6 percent. The pivot point calculator indicates that the Nifty is likely to take immediate support at 22,088 followed by 22,048 and 21,983 levels, while on the higher side it may see immediate resistance at 22,218 followed by 22,258 and 22,323 levels. Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets. Related stories US Markets US stocks ended lower on Tuesday, with the Nasdaq showing the largest declines as chipmaker Nvidia stumbled ahead of its highly awaited earnings report, while gains in Walmart kept losses on the Dow Industrials in check. The S&P 500 lost 30.06 points, or 0.60 percent, to end at 4,975.51 points, while the Nasdaq Composite lost 144.87 points, or 0.92 percent, to 15,630.78. The Dow Jones Industrial Average fell 64.19 points, or 0.17 percent, to 38,56.80. Asian Markets Asian markets were trading lower on Wednesday, tracking Wall Street losses. Japanese manufacturers’ business confidence fell in February, tumbling to -1 compared to the previous month’s reading of 6, according to the Reuters Tankan poll. That marks the first negative reading since last April. Zee Entertainment Enterprises Ltd on Tuesday clarified that the talk of renewed talks with Sony to revive the scrapped merger deal is incorrect and that the company is "not involved in any negotiations". Earlier on Tuesday, The Economic Times reported, quoting sources, that ZEEL had re-engaged with Sony Corp to revive the $10-billion merger in a last-ditch effort. "We would like to clarify that the Company has not been involved in any negotiations," said Zee Entertainment in a stock exchange filing about a news report on the supposed revival of talks with Sony. "We wish to clarify that the Company is not aware of any information that has not been announced to the exchanges which could explain the movement in the trading," said Zee. PSU lender Union Bank of India on Tuesday announced a Rs 3,000-crore qualified institutional placement (QIP) at a floor price of Rs 142.78 per share. "We wish to inform you that the Committee of Directors for Raising Capital Funds (“Committee”) has at its meeting held today i.e. February 20, 2024 approved the raising of funds for an amount not exceeding Rs 3,000 Crore through issue of equity shares through Qualified Institutions Placement subject to the requisite regulatory /statutory approvals," said the bank in a stock exchange filing. The floor price is at a marginal premium when compared to the closing price of Union Bank of India's scrip on BSE on Tuesday at Rs 141.2. The bank also announced the opening of the issue on February 20. Yum Restaurants India is likely to sell its entire 4.4 percent stake in quick service restaurant firm Devyani International through a block deal to raise Rs 814.8 crore, CNBC-TV18 reported on February 20 quoting sources. Floor price is likely fixed at Rs 153.5 per share, a 7.6 percent discount to Devyani International's closing price on Tuesday. As of December 30, Yum Restaurants India held 5 crore shares in Devyani International. Yum Restaurants India had bought a 4.41 percent stake in Devyani International in September 2021 after which it had maintained its stake in the company. Apart from Yum Restaurants India, Sabre Investment Consultants holds a 1.01 percent stake in the company. And Dunearn Investments (Mauritius) PTE Limited has a 2.94 percent stake in Devyani International. The growth momentum of the Indian economy from the first half of the current financial year is seen continuing into the second half, according to the Reserve Bank of India's (RBI) monthly bulletin. "The Indian economy continues to sustain the momentum achieved in the first half of 2023-24, going by high frequency indicators. Expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth," the central bank's monthly State of the Economy article, released on February 20, said. Novelis Inc, a wholly owned subsidiary of Hindalco, on February 20 announced that it has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) about its proposed initial public offering (IPO) of its common shares. The common shares are expected to be offered by Novelis’ sole shareholder (a wholly-owned subsidiary of Hindalco Industries Limited). Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. Novelis, a leading sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. Crude Oil prices regained some ground in early Asian trade on Wednesday, as investors weighed concerns over output cuts by key producers and attacks on shipping in the Red Sea against dimmed expectations of U.S. rate cuts. Brent crude futures rose 12 cents, or 0.15 percent, to $82.46 a barrel by 0100 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 9 cents, or 0.12 percent at $77.13. The Brent and WTI contracts slipped 1.5 percent and 1.4 percent on Tuesday. FII and DII data Foreign institutional investors (FIIs) net sold shares worth Rs 1,335.51 crore, while domestic institutional investors (DIIs) purchased Rs 1,491.33 crore worth of stocks on February 20, provisional data from the NSE showed. Stocks under F&O ban on NSE The NSE has added Balrampur Chini Mills, GMR Airports Infrastructure, GNFC, and RBL Bank to the F&O ban list for February 21, while retaining Bandhan Bank, Biocon, Canara Bank, Hindustan Copper, India Cements, Indus Towers, National Aluminium Company, SAIL and Zee Entertainment Enterprises to the said list. Aditya Birla Fashion & Retail, and Ashok Leyland were removed from the said list. With inputs from Reuters and other agencies Rakesh Patil first published: Feb 21, 2024 07:10 am Discover the latest business news , Sensex , and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated! Advertisement
Union Bank of India Frequently Asked Questions (FAQ)
When was Union Bank of India founded?
Union Bank of India was founded in 1919.
Where is Union Bank of India's headquarters?
Union Bank of India's headquarters is located at Union Bank Bhavan,, Mumbai.
What is Union Bank of India's latest funding round?
Union Bank of India's latest funding round is PIPE.
Who are the investors of Union Bank of India?
Investors of Union Bank of India include Life Insurance Corporation of India.