United Bank of India rose 4.88% to Rs 44.05 at 11:48 IST on BSE after the bank said it will reduce its base rate by 25 basis points to 10% from 1 February 2015.
Meanwhile, the BSE Sensex was up 601.20 points, or 2.20%, to 27,948.02.
On BSE, so far 1.71 lakh shares were traded in the counter, compared with an average volume of 62,213 shares in the past one quarter.
The stock hit a high of Rs 45 and a low of Rs 42.80 so far during the day. The stock hit a 52-week high of Rs 61.65 on 4 July 2014. The stock 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 January 2015, rising 4.35% compared with 0.01% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.60% as against Sensex's 3.79% rise.
The mid-cap company has an equity capital of Rs 716.66 crore. Face value per share is Rs 10.
United Bank of India said that its asset liability management committee has decided that the base rate of the bank will be reduced from 10.25% to 10% with effect from 1 February 2015.
The Reserve Bank of India (RBI), in a surprise move, cut interest rates by 25 basis points before trading hours today, 15 January 2015, yielding to growing signs of slowing inflation and a flagging recovery.
United Bank of India reported a net profit of Rs 43.80 crore in Q2 September 2014 compared with net loss of Rs 489.47 crore in Q2 September 2013. Total income declined 1.43% to Rs 2835.36 crore in Q2 September 2014 over Q2 September 2013.
The Government of India holds 78.92% stake in United Bank of India (as per the shareholding pattern as on 30 September 2014).
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