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Shares of state-run lender UCO Bank are up for the tenth straight day on Friday, hitting a 52-week high in intraday trading before a marginal cool-off.

According to data on the exchanges, 92 lakh shares of the lender exchanged hands in multiple large deals that took place in the early minutes of trading. Buyers and sellers in the deal are unclear.

The stock has now gained close to 80 percent during its 10-day run and has more than doubled over the last one month.

Shares of the bank also had to face a circuit filter revision from 20 percent to 10 percent after the stellar run.

UCO Bank on Thursday announced that Acuite Rating and Research Ltd. upgraded the rating on the bank’s BASEL-III Tier-II Bond to AA/Stable from AA-/Positive.

Explaining the rationale for the rating, Acuite Rating and Research said that the revision takes into consideration noticeable and sustained improvement in the bank’s financial performance and asset quality.

Public sector banks particularly have been receiving a slew of analyst upgrades over the past few days. Morgan Stanley recently said that it expected PSU banks to continue their strong performance helped by higher margins, sustained loan growth and improving operating leverage over the next few years.

Last week, Credit Suisse also said that in December it expected PSU banks to see resilient net interest margins in FY24, while adding that loan growth picking up in the corporate segment should aid their growth.

In the quarter that ended in September 2022, UCO Bank had posted a 141 percent jump in net profit to Rs 505 crore compared to Rs 204.4 crore in the year-ago period.

Gross non-performing assets (NPAs) also improved to 6.58 percent from 7.42 percent during the June quarter.

After nearly giving up all the gains, shares of UCO Bank are trading 3 percent higher at Rs 36.55.

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