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United Bank of India advances after cutting base rate

Capital Market 

United Bank of India rose 2.02% to Rs 22.75 at 10:14 IST on BSE after the bank said it has decided to reduce its base rate from 10% to 9.9% with effect from 19 June 2015.

The announcement was made after market hours yesterday, 9 June 2015.

Meanwhile, the S&P BSE Sensex was up 250.79 points or 0.95% at 26,732.04.

On BSE, so far 32,000 shares were traded in the counter as against average daily volume of 1 lakh shares in the past two weeks.

The stock hit a high of Rs 22.75 and a low of Rs 22.50 so far during the day. The stock had hit a 52-week high of Rs 61.65 on 4 July 2014. The stock had hit a record low of Rs 21.95 on 9 June 2015.

United Bank of India's net profit declined 77.7% to Rs 104.52 crore on 2.6% growth in total income to Rs 3153.12 crore in Q4 March 2015 over Q4 March 2014.

The Government of India held 82% stake in United Bank of India (as per the shareholding pattern as on 31 March 2015).

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First Published: Wed, June 10 2015. 10:05 IST