Block deal fails to cheer UTI Bank

DALAL STREET SPIKES

A huge block deal of 10.8 lakh shares failed to spurt UTI Bank counter as the stock ended marginally 1.25 per cent higher at close. A block deal of 10.8 lakh shares was struck between two FIIs but the exact details could not be ascertained.

The stock, after hitting the day's high of Rs 124.95, finally closed at Rs 122.40 with volumes accounting for 11 lakh shares at the BSE. The stock closed at Rs 121.45 at the NSE with volumes accounting for mere 1.53 lakh shares.

The stock has made a come back in the last few days. From a low of Rs 106 on June 1, 2004, the stock has now appreciated more than 13 per cent to Thursday's close of Rs 122.40.

Market sources said the counter has been witnessing buying after a foreign broking firm recently re-rated the stock.

The report said, the bank's growth momentum and the quality of earnings is expected to improve in the coming quarters. RBI has recently approved the initial tranche of 14.7 per cent that HSBC acquired in UTI Bank.