UCO Bank share listed at 43%; trades at Rs 19.60 on NSE
By Our Banking Bureau | 10 Oct 2003
Mumbai: The UCO Bank stock listed at a 43-per cent premium to its issue price of Rs 12. The share began trading at Rs 17.25 but steadily rose to touch Rs 20.45, before settling back to close at Rs 19.60 per share on the National Stock Exchange (NSE), which was the designated exchange for the public issue.
The UCO counter, which saw intense trading today, raked up a volume of 4.6 crore on the NSE and 2.1 crore shares on the Bombay Stock Exchange (BSE). In terms of the total traded value, it was one among the top 10 on the NSE.
UCO's debut came on a day when the benchmark Sensex of the BSE rose 63.82 points to close with a gain of 1.38 per cent at 4698.68. The 50-share S&P CNX Nifty of the NSE rose nearly 1.6 per cent to close at 1502.10.
According to analysts, the UCO Bank issue was well timed. "The initial public offering came when the banking sector is the flavour of the market. In fact, today some of the bank shares were difficult to get," says an analyst.