Hold Union Bank of India, says Nooresh Merani

Nooresh Merani of Analyse India told CNBC-TV18, "If we look at Union Bank of India, what we have seen is, the stock has corrected over the last few years and it has been a laggard for the last 10 years almost. However, in the near-term, from the lows of Rs 135-140 the stock has made higher bottoms and what we are seeing is a good sign of bottoming out in the whole PSU bank space. So, I would continue to hold onto Union Bank and wait out for another 6-12 months. We could be looking at a target price of Rs 250 in the medium-term."At 15:02 hrs Union Bank of India was quoting at Rs 172.70, up Rs 6.75, or 4.07 percent on the BSE.