United Bank of India hit its highest in one week at the markets

United Bank of India, a mid-sized public sector lender, surged for the 3rd day and hit its highest level in one week on sustained demand for the stock.

The bank recently announced a cut in interest rates on domestic term deposits by 25-50 basis points across various maturities with effect from 21 August 2015.

The stock is up 0.75 rupees, or 3.1 percent, to 24.95 rupees on the National Stock Exchange, where 9.1 lakh shares were traded today compared with a 5-day average of 5.7 lakh shares.

United Bank has seen its market capitalisation erode 47 percent to 2,082 crore rupees in the past one year. As a consequence, it trades at 0.4 times its book value of 63 rupees.

Shares of United Bank of India have gained 15.08% in three trading days from recent low of Rs 21.55 on 13 August 2015.

(Image credits: snipview)