City Union Bank share price soars 2% to reach highest level since March 2020, jumps 40% in under 4 months
City Union Bank share price in focus: Despite the Indian stock market trading in a narrow range, shares of City Union Bank extended their winning streak for a fourth consecutive session on Tuesday, June 10, gaining another 2% to reach their highest level since March 2020 and inching closer to the all-time high of ₹ 249.35 apiece, last seen in January 2020.
The stock of the private sector lender has been on an upward trajectory over the past four months (including June), delivering a strong 40% return and significantly outperforming the Nifty Bank index, which gained 17.30% during the same period.
Investor sentiment towards the bank has improved following its return to a growth trajectory in the March quarter, driven by ongoing digital transformation efforts. This performance has also prompted domestic brokerage firms to raise their target multiples, further fueling the rally.
The bank is planning to raise funds, with a final decision expected at the upcoming Annual General Meeting (AGM). The AGM date will be set during the Board of Directors meeting scheduled for Wednesday, June 11, 2025.
For the March quarter, the bank reported a 13% YoY increase in net profit to ₹ 288 crore, driven by stronger fee income, particularly from insurance and processing charges. Net Interest Income (NII) rose 10% YoY to ₹ 600 crore, while Net Interest Margins (NIMs) improved marginally by 2 basis points, as the bank shed lower-yielding loans.
Following the bank's in-line performance, Axis Securities revised its target price for City Union Bank to ₹ 225 apiece while maintaining a 'Buy' rating. Similarly, IDBI Capital retained its 'Buy' rating with a target of ₹ 215. Anand Rathi also maintained a 'Buy' with a 12-month target of ₹ 218, while Prabhudas Lilladher raised its target to ₹ 210 from ₹ 200, reiterating its 'Buy' stance.
Anshul Jain, Head of Research at Lakshmishree Investments, said, " City Union Bank is consolidating in a massive 236-week-long base with a pivot neckline placed at ₹ 210. A breakout above this level, especially with strong volume participation, will mark a significant structural shift and act as a launchpad for a major rally.
'The upside target post-breakout is placed at ₹ 300. Given the duration of the base and potential for re-rating, traders and investors should watch ₹ 210 closely for confirmation before entering long positions,' Anshul further added.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
16 minutes ago
- Hans India
Kashmir's rail revolution is a tribute to govt resolve and grit
On a clear June day, draped in marigold flowers and national pride, the Vande Bharat Express began its maiden journey from Shri Mata Vaishno Devi Katra to Srinagar. Flagged off by Prime Minister Narendra Modi, the moment marked more than just the launch of a high-speed train. It was the culmination of a century-old dream—one forged in steel, vision, and unyielding resolve. The rail unification of Kashmir with the rest of India is that resolve. A train to Kashmir with an ultra-modern travel experience runs on the solid foundation of our engineers. Cutting the travel time short, Vande Bharat trains run twice a day, six times a week from both sides. They are not only bringing in the much-needed push for the local economic development in the valley but are emerging as a boon for tourists from all over. For decades, Kashmir's story has been told through the lens of conflict and remoteness. It's heartening to see it being rewritten in the language of infrastructure – bridges, tunnels, and rail lines threading their way through the mountains. Coming on the eve of the 11 years of Modi's governance at the Centre, the special trains and the connecting link are all set to change the destiny of locals in Kashmir. In its 172-year history of service to the nation, Indian Railways has crossed many important milestones. Generations of dedicated railway men and women have toiled to make connectivity and carriage an everyday reality. But to paraphrase a line from an iconic Indian advertisement: Indian Railways doesn't just build tracks—it also knits the fabric of national unity! From isolation to integration Historically, Kashmir's isolation was more than metaphorical—it was geographic and punishingly real. Tucked high in the Himalayas and routinely cut off by snow for days together, the region remained distant not just in reach but even experience. Roads were often treacherous, air travel limited, and full rail connectivity a mirage. A British-era proposal for a Kashmir rail link remained on the drawing board for decades, hindered by complex geopolitical challenges. After countless rounds of deliberations, feasibility studies, technical evaluations, and consultations with both domestic and international experts, the Udhampur–Srinagar–Baramulla Rail Link (USBRL) was officially sanctioned in 1994. While the northern and southern sections progressed steadily and were effectively completed within a decade, the central stretch—from Katra to Banihal—posed an engineering and security challenge of Himalayan proportions. For years, the rail line lingered as two disconnected segments—like outstretched hands reaching across a chasm of mountains. But that chasm symbolized more than just physical terrain. The final push to complete the USBRL project came when the government declared it a national priority. With a firm resolve and cutting-edge technology working in tandem, the project finally saw light at the end of the tunnel—quite literally. As Railway Minister Ashwini Vaishnaw aptly remarked, this was far more than a transportation initiative; it was a nation-building effort. Where steel defies the sky The USBRL project may well be the most ambitious rail initiative since Independence. The 272-km stretch between Udhampur and Baramulla snakes through 40 tunnels and over 900 bridges. And at the center of it all is the record-breaking Chenab Bridge – the tallest railway bridge in the world, standing 359 meters above the riverbed. This engineering marvel is capable of withstanding wind speeds of up to 260 kmph and tremors of seismic zone-V. Beside it stands the: Anji Khad Bridge, the country's first cable-stayed railway bridge, stretching asymmetrically across a valley, anchored by a single pylon and supported by 96 cables. Tunnels, including the 11-kilometer-long T-80 (Banihal - Qazigund) tunnel through the Pir Panjal range, have been carved through fragile rock with a mix of dynamite and human grit. Physical surveys were done on horseback, while drones and satellite imaging provided aerial support. Workers labored through harsh winters, sudden landslides, and the looming threat of Pak-sponsored terrorist attacks. Today, more than 190 km of tunnels and thousands of tons of steel later, the line stands complete – a feat that combines precision engineering with a certain audacity of vision, linking the valley to the rest of the nation in a way that is profoundly symbolic. A train called hope In many ways, the Vande Bharat Express is not just a train, it is a metaphor. It glides quietly through meadows and valleys, bridging distances both physical and psychological, proclaiming that Kashmir is no longer distant! It has reduced travel time between Srinagar and Katra to just over three hours, down from nearly six. What was once a treacherous road journey through landslide-prone hairpin bends and unpredictable weather, is now a smooth ride through tunnels and bridges that defy belief. It connects not only cities, but lives. Children in far-off villages are now talking about universities in Jammu and Delhi. Local artisans, apple growers, and carpet weavers now see their goods reaching markets beyond the valley – fresher, faster, further. 'Where there were checkpoints and delays. There is now the sound of a train. It feels like we're no longer waiting for the rest of the country to arrive, we are moving with it,' said a young shopkeeper in Srinagar. A new journey unfolds This is not to suggest that one train will solve Kashmir's complex problems. Infrastructure cannot erase history or immediately heal wounds – security concerns will need addressing yet. But it can open doors—both literally and symbolically. And it can lay the groundwork for integration that is economic, social, and, ultimately, emotional. What began as a dream on drawing boards in colonial offices has become a reality on steel rails blending with Himalayan rock. The rail line to Kashmir is the story of a country that refused to be daunted by terrain, terror, or time. From mountain shadows to sunlit stations, a new journey has begun! (The writer is former CEO and Chairman Railway Board)
Time of India
20 minutes ago
- Time of India
'Just managing': US tariffs leave Indian shrimp farmers struggling
NEW DELHI: R. Mahadevan, a shrimp farmer in southern India, is considering something no farmer wants to say out loud: stopping production. Having already seen his monthly income shrink in recent years due to rising costs and stagnant demand, he said U.S. President Donald Trump 's planned tariffs on Indian exports may push him to the brink. "Already I am struggling, just somehow managing," said 48-year-old Mahadevan, adding that his income had fallen to below $200 a month from about $350 in 2018. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Trump said in early April his government would impose a 26% tariff on all Indian exports, including the thousands of tonnes of shrimp Indian exporters ship to American customers each year. Mahadevan is among the hundreds of thousands of Indian shrimp farmers bracing for the impact of Trump's trade wars and is worried the 26% tariff could make his product too expensive in the U.S. market, the top destination for Indian shrimp. Live Events "If I shut down my farm, the idle ponds and machinery will be ruined, and restarting will become more difficult," said Mahadevan in the town of Karhiripulum in Tamil Nadu state. "But (I have) no other option, I cannot afford to sell my shrimp any cheaper." Indian negotiators won a 90-day pause in the tariff increase, keeping the tariff on exports at 10% until July, while pushing for a broader trade deal with the United States by the end of the year. But for the hundreds of thousands of farmers raising vannamei shrimp - a fast-growing species farmed in small saline ponds along the country's coastal districts - any increase in the cost of sending their product to the United States could put them out of business. There were 120,000 vannamei shrimp farmers in 2021, according to the latest industry estimates. Shrimp accounts for 66% of India's seafood exports and are worth billions of dollars, according to the Ministry of Commerce and Industry. But the people cultivating them tend to be impoverished and rely on loans to set up their small businesses, making them particularly vulnerable to falling prices and global shocks, said the Prawn Farmers Federation of India. While an exporting boom buoyed the shrimp industry at large in 2021, farmers said they did not benefit from the government subsidies made available to the large exporters they buy feed from and sell their shrimps to. Troubled sector India is the world's largest exporter of frozen shrimp, shipping more than 716,000 metric tonnes in the financial year ending in 2024, according to government data. Nearly 60% of India's shrimp exports - $2.9 billion worth - went to the United States in 2024, the data showed. But the industry has been struggling. After peaking in 2021, shrimp exports have declined amid a glut in the world's supply, falling prices and repeated disease outbreaks, according to a report from the Global Shrimp Forum. Indian shrimp farmers have also been grappling with the 7% duty the United States imposed on the sector in 2024 for countervailing and anti-dumping purposes, according to Siddharth Chakravarty, an expert on the fishing sector. With the 7% anti-dumping and countervailing duty, as well as the 10% tariff, India's shrimp exports to the United States already face a 17% duty that could climb as high as 37% if Trump goes ahead with the higher tariff, said a trade analyst who asked not to be named. "(India's shrimp) sector is already reeling from a global oversupply of shrimp, on one hand, and demand stagnation on the other," said Chakravarty. "Now, a higher tariff could push it over the edge." Mahadevan said he earns about a fifth less on a kilo of shrimp than he did three years ago, "whereas all costs - feed, labour, electricity, diesel - have increased too much." "If shrimp prices go down further, my family will suffer surely," said Mahadevan, who has already had to delay his daughter's wedding and a house renovation. The concern is that a steep U.S. tariff could wipe out profits entirely in a fragile industry, said Chakravarty. Shrimp farmers heavily rely on loans to cover their input costs - such as feed, electricity, diesel and land leasing - while output is sensitive to weather, seed quality and disease outbreaks. "With margins near zero, even small changes can be catastrophic. Even a 1% additional tariff is salt in the already raw wound," said V. Balasubramaniam, general secretary of the Prawn Farmers Federation of India. Farmers are now calling on the government for help, demanding interventions to reduce input costs and access to better markets and prices for their shrimps. There appears to be some relief on the way. The administration in Andhra Pradesh, India's top shrimp-producing state, has been subsidising power to shrimp farms since April and is urging the national government to sign a trade pact with the European Union to reduce the sector's reliance on the U.S. market, according to local media. Balasubramaniam said feed manufacturers started offering small discounts to farmers in April after meeting with local officials in Andhra Pradesh but that these were merely "symbolic" given the discounts were much smaller than the fall in shrimp prices. Meanwhile, exporters are rushing to sell about 40,000 tonnes of shrimp from last year's harvest that are in cold storage before the new tariff takes effect, according to a separate local media report. Looking for new markets Chakravarty said the over-dependence on the United States has helped create the crisis shrimp farmers now face. "One market for one product yielded benefits for India's shrimp sector in the beginning. But that boom has ended," he said. Expanding sales of shrimp at home would also help, said Balasubramaniam. That would require the government to invest in a national distribution network, including cold-chain logistics such as refrigerated transportation, he said. "We have been reaching out to the national government to establish a strong domestic market, but so far it has been a piecemeal approach," Balasubramaniam said. India's commerce ministry did not immediately respond to the Thomson Reuters Foundation's request for a comment.
India.com
21 minutes ago
- India.com
Rs 2690 crore empire, 14-bedroom ‘royal mansion' in the heart of Delhi and…, Shalini Passi's ultra-luxurious lifestyle is straight out of a fairy tale
Shalini Passi's ultra-luxurious lifestyle You may have seen the grand lives of kings and queens in films with giant palaces, royal comfort, and a staff of servants. While those days belong to history, there are still a few people who live in a similar luxurious style even today. One of them is Shalini Passi, a well-known art collector and socialite from Delhi. Shalini is married to Sanjay Passi, a billionaire businessman and chairman of the PASCO Group. The company started in 1989 by handling dealership work for Tata Motors, and since then, the business has grown massively. Today, the PASCO Group is worth over Rs. 2,690 crore. Sanjay Passi was even honoured with the Income Tax Ratna Award in 1999 for being one of the highest taxpayers in India. A palace in the heart of Delhi Shalini lives with her husband and son in a stunning mansion in Delhi's Golf Links area. Their home is spread across 20,000 square feet and looks nothing less than a palace. Every corner of the house is designed with great attention to detail, featuring expensive artworks, gold-rimmed mirrors, and luxurious furniture. This lavish home took five years to build. It has 14 bedrooms, a swimming pool, gym, spa, and a beautifully designed garden. One of the main highlights of the garden is a 25-foot-tall Buddha statue, which adds a peaceful and a grand vibe to the space. The landscape was designed by Trevor Hiller, a well-known architect from One Degree North Landscape . A true art lover Shalini's home is filled with thousands of art pieces. Be its from the ancient sculptures or the modern installations, her house looks like an art exhibition. The walls are decorated with acrylic paintings, gold-framed mirrors, and pieces that reflect both Indian and European influence. Some mirrors date back to the 19th century, and even the furniture is custom-made. The living room is styled to give a royal feel with Persian carpets, English cottage décor, and special candle holders called 'Spin Candelabra' made by famous artist Tom Dixon. The entire house is shaped in a soft boomerang curve, making it both artistic and unique. Passion for social work Apart from being a style icon, Shalini is also involved in charity and social work. She is on the board of Khoj Advisory, which supports contemporary art. Shalini often supports creative and cultural projects and is also active in giving back to society through various causes. Shalini Passi came into the limelight through the Netflix reality show 'The Fabulous Lives vs Bollywood Wives', which showcased her elegant lifestyle and interest in fine living. But beyond the cameras and luxury, she is deeply connected to art, family, and philanthropy.
