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13-Feb2013

United Bank of India gains on inking pact with Piaggio Vehicles

United Bank of India is currently trading at Rs. 68.20, up by 0.20 points or 0.29% from its previous closing of Rs. 68.00 on the BSE.

The scrip opened at Rs. 68.50 and has touched a high and low of Rs. 69.05 and Rs. 68.05 respectively. So far 12028 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 87.15 on 17-Feb-2012 and a 52 week low of Rs. 49.75 on 31-Aug-2012.

Last one week high and low of the scrip stood at Rs. 69.00 and Rs. 62.20 respectively. The current market cap of the company is Rs. 2472.84 crore.

The promoters holding in the company stood at 81.56% while Institutions and Non-Institutions held 7.36% and 11.08% respectively.

United Bank of India has inked pact with Piaggio Vehicles for financing light commercial vehicles manufactured by the company. It has recently signed a Memorandum of Understanding (MoU) with Piaggio, which manufactures three and four-wheeler light commercial vehicles under the brands Ape, Porter and Cargo.

With this deal, bank will be able to increase its exposure in the micro sector. The bank aims to bring more than 30,000 micro entrepreneurs into its fold during the next fiscal.

United Bank of India has emerged as a strong and efficient banking organization over the years and plays an integral role in the socio-economic development of the Eastern and North-Eastern States of the country. The bank at present has a strong presence with its total 1678 branches and 800 ATMs spread across the country.


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