United Bank of India gains after reducing base rate

United Bank of India rose 3.33% to Rs 27.90 at 15:15 IST on BSE after the bank decided to reduce the Base Rate from 10.50% to 10.25% with effect from 24 March 2014.

The state-run bank made the announcement before market hours today, 18 March 2014.

Meanwhile, the S&P BSE Sensex was up 23.29 points or 0.11% at 21,833.09

On BSE, so far 1.11 lakh shares were traded in the counter as against average daily volume of 1.45 lakh shares in the past one quarter.

The stock hit a high of Rs 28.50 and a low of Rs 27.60 so far during the day. The stock had hit a 52-week high of Rs 63.85 on 15 March 2013. The stock had hit a record low of Rs 23.40 on 21 February 2014.

The stock had outperformed the market over the past one month till 14 March 2014, rising 10.20% compared with the Sensex's 7.08% rise. The scrip, however, underperformed the market in past one quarter, declining 16.15% as against Sensex's 5.28% rise.

The small-cap bank has equity capital of Rs 554.75 crore. Face value per share is Rs 10.

United Bank of India reported a net loss of Rs 1238.08 crore in Q3 December 2013 as against net profit of Rs 42.20 crore in Q3 December 2012. Total income rose 14.9% to Rs 2986.80 crore in Q3 December 2013 over Q3 December 2012.

The Government of India (GoI) holds 88% stake in United Bank of India (as per the shareholding pattern as on 31 December 2013).

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