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Union Bank of India slips after slashing rates

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Union Bank of India fell 0.73% to Rs 237.40 at 09:41 IST on BSE, after the bank said that it would reduce its base rate and interest rate on deposits in various buckets under retail and bulk deposits.

The announcement was made after market hours yesterday, 15 January 2015.

Meanwhile, the S&P BSE Sensex was down 71.67 points or 0.26% at 28,003.88

On BSE, so far 47,809 shares were traded in the counter as against average daily volume of 5.82 lakh shares in the past one quarter.

The stock hit a high of Rs 240.25 and a low of Rs 236.55 so far during the day. The stock hit a 52-week high of Rs 259.60 on 9 June 2014. The stock hit a 52-week low of Rs 100.60 on 14 February 2014.

 

The large-cap bank has an equity capital of Rs 635.78 crore. Face value per share is Rs 10.

Union Bank of India said that the bank would reduce its base rate to 10% from 10.25% with effect from 27 January 2015. Interest rate on deposits in various buckets under retail and bulk deposits would also be reduced from 10 basis points (bps) to 50 bps, Union Bank of India said.

The Reserve Bank of India (RBI) surprised financial markets yesterday, 15 January 2015, morning by announcing a cut in its main lending rate viz. the repo rate by 25 basis points to 7.75% with immediate effect in an unscheduled monetary policy review.

Union Bank of India's net profit jumped 78.4% to Rs 371.34 crore on 11.1% growth in total income to Rs 8754.69 crore in Q2 September 2014 over Q2 September 2013.

Government of India holds 60.47% stake in Union Bank of India (as per the shareholding pattern as on 31 December 2014).

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First Published: Jan 16 2015 | 9:50 AM IST

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