India's City Union Bank rises on RBI approval for re-appointment of MD, CEO

City Union Bank

27/04/2023 06:00

** Shares of City Union Bank Ltd  CTBK.NS  rise as much as
9.6% after RBI approves re-appointment of N. Kamakodi as MD and
CEO for three years
    ** Stock posts highest intraday pct gain since May 30, 2022
    ** Reappointment removes uncertainties around the lender
after weak Q3, says Antique Stock Broking
    ** Stock crosses its 50-day exponential moving average for
first time since Dec. 21, 2022, but remains below 100- and
200-day averages
    ** More than 18.3 mln shares change hands in early trade, 5x
the 30-day avg
    ** Average rating of 21 analysts close to 'buy' with median
PT of 180 rupees, a 35% premium to Wednesday's close - Refinitiv
data

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))