Stock market analyst Simi Bhaumik has maintained 'buy' rating on Union Bank stock to achieve a short-term target of Rs 355.

According to analyst, the interested investors can buy the stock with stop loss of Rs 318.

Today, the stock of the company opened at Rs 332.70 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 44.23 and 7.64 respectively.

The share price has seen a 52-week high of Rs 333.40 and a low of Rs 204 on BSE.

Union Bank of India (UBI) is making plans to generate a loan amount of Rs 500 crore for agriculturists in the state of Andhra Pradesh.

In addition, as part of its financial inclusion plan, Union Bank of India is eyeing to concentrate on the Surat-Ganjam (Orrisa) corridor in order to target the migrant worker remittals and also decides to roll out mobile-based savings bank account.

Union Bank of India has declared un-audited outcomes for the three month period ended June 30.

The banking institution has reported a net profit worth Rs 6.01 billion for the three month period ended June 30 as against Rs 4.42 billion for the same period of last year (2009).

Bank's total Income during the quarter under review grew from Rs 37.04 billion for the quarter ended June 30, 2009 to Rs 41.20 billion for Apr-Jun quarter of 2010.